Article 71-8Foreign Tax Credit for Interest and Similar Income on General Foreign Public and Corporate Bonds, etc.

Where a person liable for the interest levy has been subjected to a foreign income tax prescribed in Article 95, paragraph (1) of the Income Tax Act (including those specified by Cabinet Order) at the time of payment of interest and similar income on general foreign public and corporate bonds, etc. or dividends and similar income on foreign privately placed bond-based investment trusts, etc., and the amount of that foreign income tax exceeds the amount that is to be deducted from the amount of income tax pursuant to Article 3-3, paragraph (4), item (i) or Article 8-3, paragraph (4), item (i) of the Act on Special Measures Concerning Taxation, the excess amount is to be deducted from the amount of the interest levy, up to the amount of the interest levy of that person liable for tax calculated by applying the provisions of Articles 71-5 and 71-6. In this case, for the application of the provisions of Articles 37-3 and 314-8 to that person liable for tax, the amount of that foreign income tax is deemed not to exist.