Supplementary Provisions, Article 7Transitional Measures Concerning Fixed Assets Tax

①Except as otherwise provided, the provisions of the New Act relating to fixed assets tax apply from fixed assets tax for fiscal year 1979, and for fixed assets tax up to fiscal year 1978, the provisions then in force continue to govern.

②The provisions of Article 349-3, paragraph (5) of the Former Act remain in force with respect to fixed assets tax imposed on machines and other equipment that directly contribute to the rationalization of distribution, the supply of quality housing or other stabilization and improvement of the lives of the people. In this case, the phrase "machines and other equipment specified by Cabinet Order" in that paragraph is deemed to be replaced with "machines and other equipment, being the machines and other equipment listed in item (vii) of the table in Article 11, paragraph (1) of the Act on Special Measures Concerning Taxation prior to amendment by the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 15 of 1979; hereinafter referred to as "Act No. 15 of 1979") (hereinafter referred to as the "Act on Special Measures Concerning Taxation Before the Amendment") that are subject to the application of Article 11, paragraph (1) of the Act on Special Measures Concerning Taxation Before the Amendment (including cases where its provisions are to govern pursuant to Article 6, paragraph (1) of the Supplementary Provisions of Act No. 15 of 1979), and the machines and other equipment listed in item (vii) of the table in Article 43, paragraph (1) of the Act on Special Measures Concerning Taxation Before the Amendment that are subject to the application of Article 43, paragraph (1) of the Act on Special Measures Concerning Taxation Before the Amendment (including cases where its provisions are to govern pursuant to Article 16, paragraph (1) of the Supplementary Provisions of Act No. 15 of 1979)", and the phrase "the following paragraph" with "Article 349-3, paragraph (5) of the Local Tax Act as amended by the Act Partially Amending the Local Tax Act, etc. (Act No. 12 of 1979)".

③The provisions of Article 349-3, paragraph (24) of the New Act apply from fixed assets tax to be imposed on the houses and depreciable assets prescribed in that paragraph that were constructed on or after January 2, 1978.

④The provisions of Article 349-3, paragraph (26) of the Former Act remain in force with respect to fixed assets tax imposed on the houses and depreciable assets prescribed in that paragraph that were constructed during the period from January 2, 1976 to January 1, 1978. In this case, the phrase "one-half of the price to become the tax base of fixed assets tax relating to the fixed assets" in that paragraph is deemed to be replaced with "for fixed assets tax for each fiscal year up to fiscal year 1983, one-half of the price to become the tax base of fixed assets tax relating to the fixed assets, and for fixed assets tax for each fiscal year from fiscal year 1984 through fiscal year 1988, three-fourths of the price to become the tax base of fixed assets tax relating to the fixed assets".

⑤The tax base of fixed assets tax imposed on oil fences prescribed in Article 14, item (ii) of the Supplementary Provisions of the Former Act that were installed by January 1, 1979 is, notwithstanding Article 349-2 of the New Act, only for fixed assets tax for fiscal year 1979 and fiscal year 1980, an amount equivalent to one-sixth of the price to become the tax base of fixed assets tax relating to those oil fences (for oil fences installed during the period from January 2, 1978 to January 1, 1979, one-third).

⑥The provisions of Article 15, paragraph (2) of the Supplementary Provisions of the Former Act remain in force with respect to fixed assets tax imposed on hydrodesulfurization units for heavy oil prescribed in that paragraph that were newly established by January 1, 1978.

⑦The provisions of Article 15, paragraph (7) of the Supplementary Provisions of the Former Act remain in force with respect to fixed assets tax imposed on computers prescribed in that paragraph that were newly acquired by March 31, 1978.