Article 73-27-7Exemption, etc. from Tax Liability for Real Property Acquisition Tax Imposed on Acquisition of Replotted Land by Land Improvement District

①Where a land improvement district has acquired replotted land determined in a replotting plan under Article 53-3, paragraph (1) or Article 53-3-2, paragraph (1) of the Land Improvement Act (limited to that specified by Cabinet Order) and has transferred that replotted land within two years from the date of its acquisition, the prefecture is to exempt that land improvement district from the tax liability relating to local government levies on the real property acquisition tax imposed on the acquisition of that replotted land by that land improvement district.

②The provisions of Article 73-27-4, paragraphs (2) through (5) apply mutatis mutandis to the deferral of collection of real property acquisition tax amounts and the cancellation thereof in the case where a land improvement district has acquired the replotted land referred to in the preceding paragraph, and to the refund of local government levies relating to that real property acquisition tax.