Supplementary Provisions, Article 12Application of Provisions on Fixed Assets Tax

①Except as otherwise specially provided, the provisions of the New Act relating to fixed assets tax apply from fixed assets tax for fiscal year 1969, and the provisions then in force continue to govern fixed assets tax up to fiscal year 1968.

②The provisions of Article 349-3, paragraph (22) of the New Act apply, from fixed assets tax for fiscal year 1969, to houses and depreciable assets prescribed in that paragraph that were constructed or installed on or after January 2, 1968.

③The provisions of Article 349-3, paragraph (22) of the New Act are to also apply to houses and depreciable assets prescribed in that paragraph that were constructed or installed on or before January 1, 1968. In this case, the tax base of fixed assets tax imposed on those houses and depreciable assets is to be 1/2 of the price of those houses and depreciable assets for as many fiscal years from fiscal year 1969 as the number obtained by subtracting from five 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 those houses and depreciable assets were constructed or installed (if that date is January 1, the year that includes that date) through fiscal year 1968.