Supplementary Provisions, Article 21Application of Provisions on Fixed Assets Tax

①The provisions of Article 349-5 of the New Act also apply to fixed assets tax for fiscal year 1957 and after on depreciable assets used for a factory or power station constructed before the enforcement of this Act, for which the number of fiscal years from the fiscal year that includes April 1 of the year following the year that includes the date on which that factory or power station was constructed (or, where that date is January 1, the year that includes that date) through fiscal year 1957 does not exceed five. In this case, if the provisions of Article 349-5 of the New Act were applied to those depreciable assets, for those whose first application year under paragraph (1) of that Article is fiscal year 1953, fiscal year 1957 is deemed to be the fifth application year; for those whose first application year is fiscal year 1954, fiscal year 1957 is deemed to be the fourth application year; for those whose first application year is fiscal year 1955, fiscal year 1957 is deemed to be the third application year; for those whose first application year is fiscal year 1956, fiscal year 1957 is deemed to be the second application year; and for those whose first application year is fiscal year 1957, that fiscal year is deemed to be the first application year.

②The provisions of paragraphs (25) and (26) of the Supplementary Provisions of the Act Partially Amending the Local Tax Act (Act No. 112 of 1955) do not apply to depreciable assets used for a hydroelectric power station to which the provisions of Article 349-5 of the New Act apply (including those depreciable assets to which the provisions of the preceding paragraph apply).