Supplementary Provisions, Article 3Transitional Measures Concerning Real Property Acquisition Tax

①Except as otherwise provided, the provisions of the New Act relating to real property acquisition tax (excluding the provisions of Article 38, paragraphs (1) through (4) of the Supplementary Provisions of the New Act) apply to real property acquisition tax to be imposed on acquisitions of real property on or after April 1, 1988 (hereinafter referred to as the "Effective Date"), and with respect to real property acquisition tax imposed on acquisitions of real property before the Effective Date, the provisions then in force continue to govern.

②The provisions of Article 10-2, paragraph (1) of the Supplementary Provisions of the Local Tax Act prior to amendment by the provisions of Article 1 (hereinafter referred to as the "Former Act") remain in force with respect to the dwellings under that paragraph newly constructed before the Effective Date.

③The provisions of Article 11-4, paragraphs (11) and (12) of the Supplementary Provisions of the Former Act remain in force with respect to real property acquisition tax to be imposed on the real property under paragraph (11) of that Article acquired by a person who has received a transfer of business in accordance with what is provided in the business alliance plan pertaining to the approval prescribed in that paragraph given before the Effective Date. In this case, in paragraph (12) of that Article, "Article 11-4, paragraph (11) of the Supplementary Provisions" is deemed to be replaced with "Article 11-4, paragraph (11) of the Supplementary Provisions of the Local Tax Act prior to amendment by the provisions of Article 1 of the Act Partially Amending the Local Tax Act and the Act on Grants Distributed to Municipalities Where National Assets, etc. are Located (Act No. 6 of 1988)".