This Act comes into effect on April 1, 1975; provided, however, that the provisions listed in the following items come into effect on the dates listed respectively in those items:

Unless otherwise provided, the provisions of Chapter II of the Act on Special Measures Concerning Taxation as amended (hereinafter referred to as the "New Act") apply to income tax for 1975 and subsequent years, and with regard to income tax for 1974 and earlier years, the provisions then in force continue to govern.

①With regard to interest income prescribed in Article 3, paragraph (1) or Article 3-3, paragraph (1) of the Act on Special Measures Concerning Taxation prior to the amendment (hereinafter referred to as the "Former Act") that is to be received by March 31, 1975, the provisions then in force continue to govern.

②The provisions of Article 7 of the New Act apply to interest on foreign currency denominated bonds prescribed in that Article that a domestic corporation issues on or after the date of enforcement of this Act (hereinafter referred to as the "Effective Date"), and with regard to interest on foreign currency denominated bonds prescribed in Article 7 of the Former Act that a domestic corporation issued before the Effective Date, the provisions then in force continue to govern.

With regard to dividend income prescribed in Article 8-2, paragraph (1) of the Former Act and dividend income prescribed in Article 8-4, paragraph (1) of the Former Act that is to be received by March 31, 1975, the provisions then in force continue to govern.

The provisions of items (i), (iv) and (vi) of the table in Article 11, paragraph (1) of the New Act and of Article 11-2, paragraph (1) of the New Act apply to specified equipment, etc. prescribed in Article 11, paragraph (1) of the New Act or pollution control facilities prescribed in Article 11-2, paragraph (1) of the New Act for which an individual makes an acquisition, etc. (meaning acquisition, or manufacture or construction; the same applies hereinafter in this Article) on or after the Effective Date and which the individual provides for use in the individual's business, and in the case where an individual has provided for use in the individual's business specified equipment, etc. prescribed in Article 11, paragraph (1) of the Former Act or pollution control facilities prescribed in Article 11-2, paragraph (1) of the Former Act for which the individual made an acquisition, etc. before the Effective Date, the provisions then in force continue to govern.

With regard to the application, to income tax for 1975 and 1976 of an individual prescribed in Article 19, paragraph (1) of the New Act who, as of December 31, 1974, holds, out of the amount of the reserve for price fluctuations under Article 19, paragraph (1) of the Former Act (including Article 4, paragraph (2) of the Supplementary Provisions of the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 16 of 1973) prior to the amendment by Article 23 of the Supplementary Provisions (hereinafter referred to as the "1973 Amendment Act Before the Amendment")), the amount calculated pursuant to the provisions of Cabinet Order as the portion pertaining to the provisions of Article 19, paragraph (1), item (i) of the Former Act (hereinafter referred to as the "amount of the special reserve for price fluctuations" in this Article) (excluding an individual to whom the provisions of Article 4, paragraph (1) or (2) of the Supplementary Provisions of the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 5 of 1976; hereinafter referred to as the "1976 Amendment Act") have been applied), of the provisions of Article 19, paragraph (1) of the Act on Special Measures Concerning Taxation as amended by the 1976 Amendment Act, notwithstanding the provisions of that paragraph, the amount calculated under the provisions of that paragraph is to be the total of that amount and the amount equivalent to two-thirds (or one-third, for income tax for 1976) of the amount of the special reserve for price fluctuations.

①The provisions of Article 29-2, paragraph (3), item (ii) of the New Act apply to public pensions or retirement packages prescribed in that item (hereinafter referred to as "public pension or retirement package" in this Article) that are to be paid on or after the Effective Date, and with regard to public pensions or retirement packages that are to be paid before the Effective Date, the provisions then in force continue to govern.

②The provisions of Article 29-2, paragraph (3), item (iii) of the New Act apply in the case where the last day of payment of public pensions or retirement packages that are to be paid during 1975 falls on or after the Effective Date, and in the case where that last day of payment falls before the Effective Date, the provisions then in force continue to govern.

①The provisions of Article 37-4 of the New Act apply in the case where an individual carries out an exchange falling under the provisions of that Article on or after the Effective Date, and in the case where an individual carried out an exchange falling under the provisions of Article 37-4 of the Former Act before the Effective Date, the provisions then in force continue to govern.

②The provisions of Article 39, paragraph (1) of the New Act apply in the case where property acquired through an inheritance or bequest prescribed in that paragraph that commenced on or after January 1, 1975 has been transferred, and in the case where property acquired through such an inheritance or bequest that commenced before that date has been transferred, the provisions then in force continue to govern.

③In the case where property has been paid in kind with the permission under Article 70-4, paragraph (10) of the Former Act, which remains in force pursuant to the provisions of Article 20, paragraph (2) of the Supplementary Provisions, the provisions of Article 40-3 of the Former Act are to govern.

With regard to redemption gains prescribed in Article 41-12, paragraph (1) of the Former Act that are to be received on discount bonds prescribed in that paragraph issued by March 31, 1975, the provisions then in force continue to govern.

With regard to consideration for the lease of ships prescribed in Article 41-13 of the Former Act that a nonresident or a foreign corporation is to receive under a contract concluded during the period from April 1, 1971 to March 31, 1975, the provisions of that Article are to govern, with the word "during" in that Article deemed to be replaced with "under a contract concluded during".

Unless otherwise provided, the provisions of Chapter III of the New Act apply to corporation tax for business years of corporations (including associations or foundations without juridical personality prescribed in Article 2, item (viii) of the Corporation Tax Act (Act No. 34 of 1965); the same applies hereinafter) commencing on or after the Effective Date, and with regard to corporation tax for business years of corporations that commenced before the Effective Date, the provisions then in force continue to govern.

The provisions of Articles 42 and 42-2 of the New Act apply to corporation tax for business years of a domestic corporation prescribed in Article 2, paragraph (2), item (i) of the New Act ending on or after the Effective Date, and with regard to corporation tax for business years of that domestic corporation that ended before the Effective Date, the provisions then in force continue to govern.

①The provisions of items (i), (iv) and (vi) of the table in Article 43, paragraph (1) of the New Act and of Article 43-2, paragraph (1) of the New Act apply to specified equipment, etc. prescribed in Article 43, paragraph (1) of the New Act or pollution control facilities prescribed in Article 43-2, paragraph (1) of the New Act for which a corporation makes an acquisition, etc. (meaning acquisition, or manufacture or construction; the same applies hereinafter in this Article) on or after the Effective Date and which it provides for use in its business, and in the case where a corporation has provided for use in its business specified equipment, etc. prescribed in Article 43, paragraph (1) of the Former Act or pollution control facilities prescribed in Article 43-2, paragraph (1) of the Former Act for which it made an acquisition, etc. before the Effective Date, the provisions then in force continue to govern.

②The provisions of Article 45-3, paragraph (1), item (i) of the New Act apply to depreciable assets listed in that item that a corporation holds at the end of the business year ending on or after the Effective Date, and with regard to depreciable assets listed in Article 45-3, paragraph (1), item (i) of the Former Act that a corporation holds at the end of the business year that ended before the Effective Date, the provisions then in force continue to govern.

③The provisions of item (i) of the table in Article 48, paragraph (1) of the New Act apply to specified stockpiling facilities, etc. prescribed in that paragraph for which a corporation makes an acquisition, etc. in a business year commencing on or after the Effective Date and which it provides for use in its business, and in the case where a corporation has provided for use in its business specified stockpiling facilities, etc. prescribed in Article 48, paragraph (1) of the Former Act for which it made an acquisition, etc. in a business year that commenced before the Effective Date, the provisions then in force continue to govern.

④The provisions of Article 51, paragraph (1) of the New Act apply to jointly used facilities prescribed in that paragraph that a corporation provides for use in its business on or after the Effective Date, and with regard to jointly used facilities prescribed in Article 51, paragraph (1) of the Former Act that a corporation provided for use in its business before the Effective Date, the provisions then in force continue to govern.

⑤The provisions of Article 52 of the New Act apply in the case where a corporation pays expenses or contributions prescribed in paragraph (1) of that Article on or after the Effective Date, and in the case where a corporation paid expenses or contributions prescribed in Article 52, paragraph (1) of the Former Act before the Effective Date, the provisions then in force continue to govern.