Supplementary Provisions, Article 4Transitional Measures Concerning Nontaxability of Public Corporations and Charitable Trusts

①The beneficiary certificates specified by Cabinet Order prescribed in Article 11, paragraph (1) (Nontaxability of Public Corporations and Charitable Trusts) of the Income Tax Act after the amendment by the provisions of Article 1 of the Act Partially Amending the Income Tax Act, etc. (Act No. 8 of 2003; hereinafter referred to as the "Amending Act") (hereinafter referred to as the "New Act"), as applied with replacement of terms pursuant to the provisions of Article 2, paragraph (2) (Transitional Measures Concerning Nontaxability of Public Corporations and Charitable Trusts) of the Supplementary Provisions of the Amending Act, are the beneficiary certificates listed in the items of Article 50-2, paragraph (1) (Scope of Public and Corporate Bonds or Similar Interests) of the Former Order, and the investment units specified by Cabinet Order prescribed in Article 11, paragraph (1) of the New Act, as applied with replacement of terms pursuant to the provisions of Article 2, paragraph (2) of the Supplementary Provisions of the Amending Act, are the investment units prescribed in Article 50-2, paragraph (2) of the Former Order.

②Where the provisions of Article 2, paragraph (2) of the Supplementary Provisions of the Amending Act apply, in applying the provisions of Article 51-2 (Records, etc. of Securities Relating to Public and Corporate Bonds or Similar Interests) of the New Order, the phrase "each item of Article 50-2" in paragraph (1), item (i) of that Article is deemed to be replaced with "each item of Article 50-2, paragraph (1) of the Order for Enforcement of the Income Tax Act prior to amendment by the Cabinet Order Partially Amending the Order for Enforcement of the Income Tax Act (Cabinet Order No. 130 of 2003); the Order for Enforcement of the Income Tax Act prior to that amendment is hereinafter referred to in this paragraph as the "Former Order"", the phrase "Article 50-2, item (ii) or (iii)" in item (ii) of that paragraph is deemed to be replaced with "Article 50-2, paragraph (1), items (ii) through (iv) of the Former Order", and the phrase "beneficiary certificates" in item (iii) of that paragraph is deemed to be replaced with "beneficiary certificates and the investment units of the specified investment corporation prescribed in Article 50-2, paragraph (2) of the Former Order".