This Act comes into effect on April 1, 2003; provided, however, that the provisions set forth in the following items come into effect on the dates specified in those items:

Except as otherwise provided, the provisions of the Inheritance Tax Act as amended by the provisions of Article 3 (hereinafter referred to as the "New Inheritance Tax Act") apply to inheritance tax or gift tax on property acquired by inheritance or bequest (including a gift that takes effect upon the death of the person who made the gift; the same applies hereinafter) or by gift (excluding a gift that takes effect upon the death of the person who made the gift; the same applies hereinafter) on or after January 1, 2003, and the provisions then in force continue to govern inheritance tax or gift tax on property acquired by inheritance or bequest or by gift before that date.

The provisions of Article 10, paragraph (1) of the New Inheritance Tax Act apply to inheritance tax or gift tax on property acquired by inheritance or bequest or by gift on or after the Effective Date, and the provisions then in force continue to govern inheritance tax or gift tax on property acquired by inheritance or bequest or by gift before the Effective Date.

The provisions of Articles 18 and 20 of the New Inheritance Tax Act apply to inheritance tax on property acquired by inheritance or bequest on or after the Effective Date, and the provisions then in force continue to govern inheritance tax on property acquired by inheritance or bequest before the Effective Date.

①The provisions then in force continue to govern inheritance tax on property that was acquired by inheritance or bequest before the Effective Date and that relates to the value of a right prescribed in Article 26 of the Inheritance Tax Act prior to amendment by the provisions of Article 3 (hereinafter referred to as the "Former Inheritance Tax Act").

②In the case where a person acquires, by inheritance or bequest, during the period until the day on which three years have passed from the Effective Date, a right relating to a life insurance contract prescribed in Article 26 of the Former Inheritance Tax Act for which the insured event had not occurred at the time of acquisition, the value of that right may be the amount prescribed in that Article.

In the case where a person who has acquired property by inheritance or bequest or by gift ceases, on or after the Effective Date, to have the domicile and residence prescribed in Article 21-18, paragraph (1), Article 27, paragraphs (1) and (2) (including as applied mutatis mutandis pursuant to Article 28, paragraph (2)), Article 28, paragraph (1), Article 29, paragraph (1) and Article 31, paragraph (2) of the New Inheritance Tax Act, these provisions apply, and in the case where a person ceased, before the Effective Date, to have the domicile and residence prescribed in Article 27, paragraphs (1) and (2) (including as applied mutatis mutandis pursuant to Article 28, paragraph (2)), Article 28, paragraph (1), Article 29, paragraph (1) and Article 31, paragraph (2) of the Former Inheritance Tax Act, the provisions then in force continue to govern.

The provisions of Article 36 of the New Inheritance Tax Act apply to gift tax on property acquired by gift on or after January 1, 2004, and the provisions then in force continue to govern gift tax on property acquired by gift before that date.

The provisions of Article 49-2 of the New Inheritance Tax Act apply to the disclosure of the total amount of the taxable values for gift tax prescribed in paragraph (1) of that Article that is entered in gift tax returns on property acquired by gift on or after January 1, 2003.

The provisions of Article 51, paragraph (2) of the New Inheritance Tax Act apply to inheritance tax on property acquired by inheritance or bequest on or after the Effective Date (including property acquired by gift from the decedent relating to that inheritance that is subject to the application of Article 21-9, paragraph (3) of the New Inheritance Tax Act), and the provisions then in force continue to govern inheritance tax on property acquired by inheritance or bequest before the Effective Date.

The provisions of Article 60 of the New Inheritance Tax Act apply to a question or inspection relating to an investigation concerning inheritance tax or gift tax or to the collection of inheritance tax or gift tax, conducted on or after the Effective Date by the relevant officials of the National Tax Agency, a Regional Taxation Bureau or a tax office.

Beyond what is provided for in Article 2 through the preceding Article of the Supplementary Provisions, the transitional measures necessary for the enforcement of this Act are specified by Cabinet Order.