Supplementary Provisions, Article 7Transitional Measures Concerning the Maximum Carry-Over Credit, etc. and the Carried-Over Amounts of Foreign Income Tax, etc.

With regard to the application of Article 224, paragraph (1) and Article 225, paragraph (1) of the New Order for Enforcement of the Income Tax Act to the deduction from the amount of income tax of a Resident for each of tax years 1989 through 1993, the phrase "the preceding three years" in these provisions is deemed to be replaced with "the preceding five years"; provided, however, that with regard to the application of these provisions to the deduction from the amount of income tax for tax year 1993, there is deemed to be no unused portion within the maximum creditable amount for national tax or unused portion within the maximum creditable amount for local taxes under Article 224, paragraph (1) of the New Order for Enforcement of the Income Tax Act, and no amount exceeding the credit limit under Article 225, paragraph (1) of the New Order for Enforcement of the Income Tax Act, for tax year 1989.