内国法人（所得税法別表第一に掲げる内国法人を除く。次項及び第四項において同じ。）は、昭和六十三年四月一日以後に支払を受けるべき国外において発行された株式（資産の流動化に関する法律第二条第五項に規定する優先出資を含む。）の剰余金の配当又は利益の配当（所得税法第二十四条第一項に規定する利益の配当をいう。）に係る同項に規定する配当等（国外において支払われるものに限る。以下この条において「国外株式の配当等」という。）につき、国内における支払の取扱者で政令で定めるもの（以下この条において「支払の取扱者」という。）を通じてその交付を受ける場合には、その支払を受けるべき国外株式の配当等について所得税を納める義務があるものとし、その支払を受けるべき金額について百分の二十の税率を適用して所得税を課する。
Where a domestic corporation (excluding a domestic corporation listed in Appended Table 1 of the Income Tax Act; the same applies in the following paragraph and paragraph (4)) receives delivery, through a person in charge of handling payment in Japan that is specified by Cabinet Order (hereinafter referred to in this Article as the "person in charge of handling payment"), of dividends and similar income prescribed in Article 24, paragraph (1) of the Income Tax Act pertaining to dividends of surplus or dividends of profits (meaning dividends of profits as prescribed in that paragraph) on shares (including preferred equity investments as prescribed in Article 2, paragraph (5) of the Act on the Securitization of Assets) issued outside Japan which it is to receive on or after April 1, 1988 (limited to those paid outside Japan; hereinafter referred to in this Article as "dividends and similar income on foreign shares"), the domestic corporation is to be liable to pay income tax on the dividends and similar income on foreign shares to be received, and income tax is imposed by applying a tax rate of 20 percent to the amount to be received.