①If, in any year, a Resident receives payment of a distribution of proceeds from a collective Investment Trust prescribed in Article 176, paragraph (3) (Special Provisions on Taxation of Interest and Similar Income from Trust Property), an amount equivalent to the amount prescribed by Cabinet Order as the portion corresponding to the distribution of proceeds the Resident receives, out of the amount of foreign tax adjusted at the time of distribution with respect to that distribution of proceeds (meaning a tax equivalent to income tax imposed pursuant to the foreign laws or orders prescribed in that paragraph, which is prescribed by Cabinet Order) that has been deducted from the amount of income tax on that distribution of proceeds pursuant to the provisions of that paragraph or Article 180-2, paragraph (3) (Special Provisions on Taxation of Interest and Similar Income from Trust Property) (referred to as the "amount equivalent to the foreign tax adjusted at distribution" in the following paragraph), is allowed as a credit against the amount of income tax for the year.

②The provisions of the preceding paragraph apply only if a Tax Return, Amended Return, or request for Reassessment has attached to it a document giving the amount equivalent to the foreign tax adjusted at distribution that is subject to the credit under that paragraph, the amount to be credited, and the details of the calculation of that amount, and any other documents specified by Ministry of Finance Order. In such a case, the amount to be credited under that paragraph is limited to the amount stated as the amount equivalent to the foreign tax adjusted at distribution in the document giving those details.

③The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to the amount to be credited under paragraph (1).

④Beyond what is provided for in the preceding two paragraphs, necessary matters concerning the application of the provisions of paragraph (1) are specified by Cabinet Order.

⑤A credit under paragraph (1) is referred to as a credit for the amount equivalent to foreign tax adjusted at the time of distribution.