Supplementary Provisions, Article 8Application of Provisions on Fixed Assets Tax

①Except as provided in the following paragraph, the provisions of the New Act relating to fixed assets tax apply from fixed assets tax for fiscal year 1972, and the provisions then in force continue to govern fixed assets tax up to fiscal year 1971.

②The provisions of Article 348, paragraph (2), item (ii)-7 of the New Act in so far as they relate to existing grade-separation facilities improved in connection with road reconstruction, the provisions of item (ii)-8 of that paragraph, and the provisions of Article 349-3, paragraph (17) of the New Act in so far as they relate to track facilities, etc. other than track facilities, etc. for bridges, apply, from fixed assets tax for fiscal year 1972, to structures, etc. prescribed in those provisions that were improved, constructed or acquired on or after January 2, 1971.

③The provisions of Article 349-3, paragraph (19) of the Local Tax Act before amendment (hereinafter referred to as the "Former Act") remain in force with respect to fixed assets tax imposed on underground passages or road bridges over railway lines, as prescribed in that paragraph, that were constructed during the period up to January 1, 1971.