This Act comes into effect on April 1, 2023; provided, however, that the provisions set forth in the following items come into effect on the dates specified in those items:

①The provisions of Article 19, paragraph (1), Article 21-15, paragraphs (1) and (2), and Article 21-16, paragraphs (2) and (3) of the Inheritance Tax Act as amended by the provisions of Article 4 (hereinafter referred to as the "New Inheritance Tax Act") apply to inheritance tax on property acquired by gift (excluding a gift that takes effect upon the death of the person who made the gift; the same applies hereinafter) on or after January 1, 2024, and the provisions then in force continue to govern inheritance tax on property acquired by gift before that date.

②With regard to a person who acquires property by inheritance or bequest (including a gift that takes effect upon the death of the person who made the gift, and a gift relating to property acquired by gift from the decedent of that inheritance that is subject to the application of the provisions of Article 21-9, paragraph (3) of the Inheritance Tax Act; the same applies hereinafter in this Article) during the period from January 1, 2024 to December 31, 2026, the provisions of Article 19, paragraph (1) of the New Inheritance Tax Act apply, notwithstanding the preceding paragraph. In this case, the phrase "seven years" in that paragraph is deemed to be replaced with "three years".

④The provisions of Article 21-11-2 of the New Inheritance Tax Act apply to gift tax on property acquired by gift on or after January 1, 2024.

⑤The provisions of Article 21-12, paragraph (1) and Article 21-13 of the New Inheritance Tax Act apply to gift tax on property acquired by gift on or after January 1, 2024, and the provisions then in force continue to govern gift tax on property acquired by gift before that date.

⑥The provisions of Article 28, paragraphs (1) and (2) (limited to the part pertaining to item (ii)) of the New Inheritance Tax Act apply to gift tax returns filed by a person who acquires property by gift on or after January 1, 2024, and the provisions then in force continue to govern gift tax returns filed by a person who acquired property by gift before that date.

⑦The provisions of Article 36 of the New Inheritance Tax Act apply to inheritance tax for which the deadline for filing a return under the provisions of Article 27 of the Inheritance Tax Act arrives on or after the Effective Date.

⑧The provisions of Article 49 of the New Inheritance Tax Act apply to a request for disclosure under the provisions of that Article made by a person who acquires property by inheritance or bequest on or after January 1, 2024, and the provisions then in force continue to govern a request for disclosure under the provisions of Article 49 of the Inheritance Tax Act prior to the amendment by the provisions of Article 4 made by a person who acquired property by inheritance or bequest before that date.

⑨With regard to the application of the provisions of Article 49, paragraph (1) (limited to the part pertaining to item (i)) of the New Inheritance Tax Act to a person who acquires property by inheritance or bequest during the period from January 1, 2024 to December 31, 2026, the phrase "gifted property to be added prescribed in Article 19, paragraph (1)" in that item is deemed to be replaced with "property acquired by the other co-heirs, etc. in question from the decedent within three years before the commencement of the succession (excluding property to which the provisions of Article 21-9, paragraph (3) were applied)".

⑪With regard to the application of the provisions of Article 49, paragraph (1) (limited to the part pertaining to item (ii)) of the New Inheritance Tax Act to property acquired by gift on or before December 31, 2023 to which the provisions of Article 21-9, paragraph (3) of the Inheritance Tax Act were applied, the phrase "gift tax after the deduction under the provisions of Article 21-11-2, paragraph (1)" in that item is deemed to be replaced with "gift tax".

⑫The provisions of Article 59, paragraph (6) of the New Inheritance Tax Act apply to a report (meaning the report prescribed in Article 59, paragraph (5) of the Inheritance Tax Act; the same applies hereinafter in this paragraph) required to be filed on or after the Effective Date, and the provisions then in force continue to govern a report required to be filed before the Effective Date.

⑬The provisions of Article 66-2, paragraph (5) of the New Inheritance Tax Act apply to inheritance tax on property acquired by gift by a specified general incorporated association or similar corporation (meaning a specified general incorporated association or similar corporation prescribed in Article 66-2, paragraph (2), item (iii) of the Inheritance Tax Act; the same applies hereinafter in this Article) on or after January 1, 2024, and the provisions then in force continue to govern inheritance tax on property acquired by gift by a specified general incorporated association or similar corporation before that date.

⑭With regard to a specified general incorporated association or similar corporation that is deemed to have acquired an amount of money by bequest during the period from January 1, 2024 to December 31, 2026, the provisions of Article 66-2, paragraph (5) of the New Inheritance Tax Act apply, notwithstanding the preceding paragraph. In this case, the phrase "seven years" in that paragraph is deemed to be replaced with "three years".

With regard to the application of penal provisions to acts committed before this Act (or, for the provisions set forth in the items of Article 1 of the Supplementary Provisions, those provisions; the same applies hereinafter in this Article) comes into effect and to acts committed after this Act comes into effect in the cases where the provisions then in force continue to govern pursuant to the provisions of these Supplementary Provisions, the provisions then in force continue to govern.

Beyond what is provided for in these Supplementary Provisions, transitional measures necessary in connection with the enforcement of this Act are specified by Cabinet Order.