Article 37-11Special Provisions on Taxation of Capital Gains, etc. on Listed Shares, etc.
第三十七条の十一（上場株式等に係る譲渡所得等の課税の特例）
Where a resident or a nonresident who has a permanent establishment transfers listed shares, etc. on or after January 1, 2016, with respect to the business income, capital gains and miscellaneous income from the transfer of the listed shares, etc. (excluding business income and miscellaneous income falling under the provisions of Article 41-2 of the Income Tax Act and capital gains falling under the provisions of Article 32, paragraph (2); referred to as "capital gains, etc. on listed shares, etc." in paragraphs (3) and (4)), notwithstanding the provisions of Articles 22 and 89 and Article 165 of that Act, income tax is imposed, separately from other income, on the amount calculated pursuant to the provisions of Cabinet Order as the amount of business income, the amount of capital gains and the amount of miscellaneous income pertaining to the transfer of the listed shares, etc. during that year (hereinafter referred to as the "amount of capital gains, etc. on listed shares, etc." in this paragraph), in an amount equivalent to 15 percent of the amount of taxable capital gains, etc. on listed shares, etc. (meaning the amount of capital gains, etc. on listed shares, etc. (where the provisions of Articles 72 through 87 of that Act as replaced pursuant to the provisions of paragraph (6), item (v) of the preceding Article as applied mutatis mutandis pursuant to paragraph (6) apply, the amount after that application)). In this case, if there is an amount of losses arising in the calculation of the amount of capital gains, etc. on listed shares, etc., the amount of losses is deemed not to have arisen for the purpose of applying the provisions of that Act and other laws and regulations concerning income tax.
居住者又は恒久的施設を有する非居住者が、平成二十八年一月一日以後に上場株式等の譲渡をした場合には、当該上場株式等の譲渡による事業所得、譲渡所得及び雑所得（所得税法第四十一条の二の規定に該当する事業所得及び雑所得並びに第三十二条第二項の規定に該当する譲渡所得を除く。第三項及び第四項において「上場株式等に係る譲渡所得等」という。）については、同法第二十二条及び第八十九条並びに第百六十五条の規定にかかわらず、他の所得と区分し、その年中の当該上場株式等の譲渡に係る事業所得の金額、譲渡所得の金額及び雑所得の金額として政令で定めるところにより計算した金額（以下この項において「上場株式等に係る譲渡所得等の金額」という。）に対し、上場株式等に係る課税譲渡所得等の金額（上場株式等に係る譲渡所得等の金額（第六項において準用する前条第六項第五号の規定により読み替えられた同法第七十二条から第八十七条までの規定の適用がある場合には、その適用後の金額）をいう。）の百分の十五に相当する金額に相当する所得税を課する。この場合において、上場株式等に係る譲渡所得等の金額の計算上生じた損失の金額があるときは、同法その他所得税に関する法令の規定の適用については、当該損失の金額は生じなかつたものとみなす。
In this Article, "listed shares, etc." means the following among shares, etc. (meaning shares, etc. prescribed in paragraph (2) of the preceding Article; the same applies in item (i)):
shares, etc. listed on a financial instruments exchange and others specified by Cabinet Order as being similar thereto;
beneficial interests in an investment trust the offering of whose beneficial interests at its establishment was made through a public offering prescribed in Article 8-4, paragraph (1), item (ii) (excluding a specified stock investment trust prescribed in Article 3-2);
投資信託でその設定に係る受益権の募集が第八条の四第一項第二号に規定する公募により行われたもの（第三条の二に規定する特定株式投資信託を除く。）の受益権
investment equity prescribed in Article 2, paragraph (14) of the Act on Investment Trusts and Investment Corporations of a specified investment corporation prescribed in Article 8-4, paragraph (1), item (iii);
第八条の四第一項第三号に規定する特定投資法人の投資信託及び投資法人に関する法律第二条第十四項に規定する投資口
beneficial interests in a specified trust that issues beneficiary certificates (limited to one the offering of whose beneficial interests acquired by the settlor at the time of the conclusion of its trust contract was made through a public offering prescribed in Article 8-4, paragraph (1), item (iv));
特定受益証券発行信託（その信託契約の締結時において委託者が取得する受益権の募集が第八条の四第一項第四号に規定する公募により行われたものに限る。）の受益権
bond-type beneficial interests in a special purpose trust (limited to one the offering of whose bond-type beneficial interests acquired by the original entrustor at the time of the conclusion of its trust contract was made through a public offering prescribed in Article 8-2, paragraph (1), item (ii));
特定目的信託（その信託契約の締結時において原委託者が取得する社債的受益権の募集が第八条の二第一項第二号に規定する公募により行われたものに限る。）の社債的受益権
national government bonds and local government bonds;
国債及び地方債
bonds issued or guaranteed by a foreign state or a local government thereof;
外国又はその地方公共団体が発行し、又は保証する債券
bonds issued under a special Act by a corporation other than a company (excluding those pertaining to a foreign corporation, and investment corporation bonds prescribed in Article 2, paragraph (19) of the Act on Investment Trusts and Investment Corporations, short-term investment corporation bonds prescribed in Article 139-12, paragraph (1) of that Act, specified corporate bonds prescribed in Article 2, paragraph (7) of the Act on the Securitization of Assets and specified short-term corporate bonds prescribed in paragraph (8) of that Article);
会社以外の法人が特別の法律により発行する債券（外国法人に係るもの並びに投資信託及び投資法人に関する法律第二条第十九項に規定する投資法人債、同法第百三十九条の十二第一項に規定する短期投資法人債、資産の流動化に関する法律第二条第七項に規定する特定社債及び同条第八項に規定する特定短期社債を除く。）
public and corporate bonds for which the public offering of securities prescribed in Article 2, paragraph (3) of the Financial Instruments and Exchange Act at the time of their issuance was made through a solicitation of offers to acquire prescribed in that paragraph that is specified by Cabinet Order as falling under the case listed in item (i) of that paragraph;
公社債でその発行の際の金融商品取引法第二条第三項に規定する有価証券の募集が同項に規定する取得勧誘であつて同項第一号に掲げる場合に該当するものとして政令で定めるものにより行われたもの
corporate bonds issued by a corporation that has submitted to the Prime Minister, within nine months (or 12 months, for a foreign corporation) before the date of their issuance, a securities registration statement prescribed in Article 5, paragraph (1) of the Financial Instruments and Exchange Act, an annual securities report prescribed in Article 24, paragraph (1) of that Act or any other document specified by Cabinet Order (referred to as an "annual securities report, etc." in item (xi), (b));
社債のうち、その発行の日前九月以内（外国法人にあつては、十二月以内）に金融商品取引法第五条第一項に規定する有価証券届出書、同法第二十四条第一項に規定する有価証券報告書その他政令で定める書類（第十一号ロにおいて「有価証券報告書等」という。）を内閣総理大臣に提出している法人が発行するもの
public and corporate bonds issued based on public and corporate bond information (meaning basic information that should be disclosed concerning public and corporate bonds and their issuer, such as the type and total amount of public and corporate bonds to be issued within a certain period and the financial condition and business of the issuer of those public and corporate bonds; hereinafter the same applies in this item) published on a financial instruments exchange (including one similar thereto that has been established under the laws and regulations of a foreign state; hereinafter the same applies in this item) under the rules of the financial instruments exchange, for which the prospectus prepared at the time of their issuance states that the public and corporate bonds are issued based on that public and corporate bond information;
金融商品取引所（これに類するもので外国の法令に基づき設立されたものを含む。以下この号において同じ。）において当該金融商品取引所の規則に基づき公表された公社債情報（一定の期間内に発行する公社債の種類及び総額、その公社債の発行者の財務状況及び事業の内容その他当該公社債及び当該発行者に関して明らかにされるべき基本的な情報をいう。以下この号において同じ。）に基づき発行する公社債で、その発行の際に作成される目論見書に、当該公社債が当該公社債情報に基づき発行されるものである旨の記載のあるもの
public and corporate bonds issued outside Japan that are listed below:
国外において発行された公社債で、次に掲げるもの
public and corporate bonds acquired in response to a secondary distribution of securities prescribed in Article 2, paragraph (4) of the Financial Instruments and Exchange Act (limited to one that is a solicitation of offers to sell, etc. prescribed in that paragraph and falls under the case specified by Cabinet Order as falling under the case listed in item (i) of that paragraph) (referred to as "bonds acquired in a secondary distribution" in (b)), custody of which has been continuously entrusted, since the time of the acquisition, to the business office (meaning a business office prescribed in that item; the same applies in (b)) of the financial instruments business operator, etc. (meaning a financial instruments business operator, etc. prescribed in Article 37-11-3, paragraph (3), item (i); the same applies in (b)) that conducted the secondary distribution of securities;
金融商品取引法第二条第四項に規定する有価証券の売出し（同項に規定する売付け勧誘等であつて同項第一号に掲げる場合に該当するものとして政令で定める場合に該当するものに限る。）に応じて取得した公社債（ロにおいて「売出し公社債」という。）で、当該取得の時から引き続き当該有価証券の売出しをした金融商品取引業者等（第三十七条の十一の三第三項第一号に規定する金融商品取引業者等をいう。ロにおいて同じ。）の営業所（同号に規定する営業所をいう。ロにおいて同じ。）において保管の委託がされているもの
public and corporate bonds acquired in response to a solicitation of offers to sell, etc. prescribed in Article 2, paragraph (4) of the Financial Instruments and Exchange Act (excluding bonds acquired in a secondary distribution) that were issued by a company that has submitted an annual securities report, etc. within nine months (or 12 months, for a foreign corporation) before the date of the acquisition (limited to those custody of which has been continuously entrusted, since the time of the acquisition, to the business office of the financial instruments business operator, etc. that made the solicitation of offers to sell, etc.);
bonds issued or guaranteed by a foreign corporation that are specified by Cabinet Order;
外国法人が発行し、又は保証する債券で政令で定めるもの
corporate bonds issued by a person engaged in banking business or in type I financial instruments business prescribed in Article 28, paragraph (1) of the Financial Instruments and Exchange Act (excluding a type I small-amount electronic public offering handling business operator prescribed in Article 29-4-2, paragraph (8) of that Act and a special intermediary, etc. for unlisted securities prescribed in Article 29-4-4, paragraph (7) of that Act), or by a corporation engaged in banking business or in financial instruments business prescribed in Article 2, paragraph (8) of that Act in a foreign state in accordance with the laws and regulations of the state (hereinafter referred to as a "bank, etc." in this item), or by any of the persons listed below (excluding those specified by Cabinet Order as bonds whose acquirers are substantially not many in number):
銀行業若しくは金融商品取引法第二十八条第一項に規定する第一種金融商品取引業を行う者（同法第二十九条の四の二第八項に規定する第一種少額電子募集取扱業者及び同法第二十九条の四の四第七項に規定する非上場有価証券特例仲介等業者を除く。）若しくは外国の法令に準拠して当該国において銀行業若しくは同法第二条第八項に規定する金融商品取引業を行う法人（以下この号において「銀行等」という。）又は次に掲げる者が発行した社債（その取得をした者が実質的に多数でないものとして政令で定めるものを除く。）
a corporation that has a relationship specified by Cabinet Order as one in which a bank, etc. directly or indirectly holds all of its issued shares or capital contributions (referred to as a "relationship of full control" in (b));
銀行等がその発行済株式又は出資の全部を直接又は間接に保有する関係として政令で定める関係（ロにおいて「完全支配の関係」という。）にある法人
a corporation other than the bank, etc. with which a parent corporation (meaning a corporation that has a relationship specified by Cabinet Order as one of directly or indirectly holding all of the issued shares or capital contributions of a bank, etc.) has a relationship of full control;
public and corporate bonds issued on or before December 31, 2015 (excluding those issued by a company that fell under a family corporation prescribed in Article 2, item (x) of the Corporation Tax Act at the time of their issuance).
平成二十七年十二月三十一日以前に発行された公社債（その発行の時において法人税法第二条第十号に規定する同族会社に該当する会社が発行したものを除く。）
The amounts listed in the items of paragraph (3) of the preceding Article that a resident or a nonresident who has a permanent establishment holding listed shares, etc. receives with respect to the listed shares, etc., and the amount specified by Cabinet Order prescribed in that paragraph that such a person receives with respect to the listed shares, etc. due to a cause specified by Cabinet Order prescribed in that paragraph, are deemed to be revenue pertaining to capital gains, etc. on listed shares, etc., and the provisions of the Income Tax Act and this Chapter apply.
The following amounts that a resident or a nonresident who has a permanent establishment holding a beneficial interest in an investment trust or a specified trust that issues beneficiary certificates (hereinafter referred to as an "investment trust, etc." in this paragraph) that falls under listed shares, etc., or a bond-type beneficial interest that falls under listed shares, etc., receives with respect to those beneficial interests are deemed to be revenue pertaining to capital gains, etc. on listed shares, etc., and the provisions of the Income Tax Act and this Chapter apply:
投資信託若しくは特定受益証券発行信託（以下この項において「投資信託等」という。）の受益権で上場株式等に該当するもの又は社債的受益権で上場株式等に該当するものを有する居住者又は恒久的施設を有する非居住者がこれらの受益権につき交付を受ける次に掲げる金額は、上場株式等に係る譲渡所得等に係る収入金額とみなして、所得税法及びこの章の規定を適用する。
the sum of the amount of money and the value of assets other than money received through the termination of the investment trust, etc. (where the termination pertains to a merger of trusts of the investment trust, etc., limited to one pertaining to a merger of trusts in which assets other than beneficial interests in the trust newly formed by the merger of trusts were delivered to the beneficiaries of the investment trust, etc. (excluding money or other assets delivered to beneficiaries who oppose the merger of trusts as consideration based on their demand for purchase)) or through its partial cancellation;
その投資信託等の終了（当該投資信託等の信託の併合に係るものである場合にあつては、当該投資信託等の受益者に当該信託の併合に係る新たな信託の受益権以外の資産（信託の併合に反対する当該受益者に対するその買取請求に基づく対価として交付される金銭その他の資産を除く。）の交付がされた信託の併合に係るものに限る。）又は一部の解約により交付を受ける金銭の額及び金銭以外の資産の価額の合計額
the sum of the amount of money and the value of assets other than money received through a trust split pertaining to the specified trust that issues beneficiary certificates (limited to one in which the beneficiaries of the split trust were delivered assets other than beneficial interests in the successor trust (excluding money or other assets delivered to beneficiaries who oppose the trust split as consideration based on a demand for acquisition of beneficial interests prescribed in Article 103, paragraph (6) of the Trust Act));
the amount of money received through a refund of the principal of the specified trust that issues beneficiary certificates (excluding one made through the termination or partial cancellation of the trust pertaining to the specified trust that issues beneficiary certificates or through a trust split);
その特定受益証券発行信託の元本の払戻し（当該特定受益証券発行信託に係る信託の終了若しくは一部の解約又は信託の分割によるものを除く。）により交付を受ける金銭の額
the sum of the amount of money and the value of assets other than money received through the redemption of the principal of a bond-type beneficial interest.
社債的受益権の元本の償還により交付を受ける金銭の額及び金銭以外の資産の価額の合計額
Beyond what is specified in the preceding three paragraphs, necessary matters concerning the application of the provisions of paragraph (1) are specified by Cabinet Order.
The provisions of paragraph (6) of the preceding Article apply mutatis mutandis where the provisions of paragraph (1) apply. In this case, in paragraph (6) of that Article, the phrase "Article 37-10, paragraph (1) (Special Provisions on Taxation of Capital Gains, etc. on General Shares, etc.)" is deemed to be replaced with "Article 37-11, paragraph (1) (Special Provisions on Taxation of Capital Gains, etc. on Listed Shares, etc.)", the phrase "amount of capital gains, etc. on general shares, etc." is deemed to be replaced with "amount of capital gains, etc. on listed shares, etc.", the phrase "amount of capital gains on general shares, etc." is deemed to be replaced with "amount of capital gains on listed shares, etc.", the phrase "no capital gains, etc. on general shares, etc." is deemed to be replaced with "no capital gains, etc. on listed shares, etc.", the phrase "the amount of taxable capital gains, etc. on general shares, etc. prescribed in Article 37-10, paragraph (1)" is deemed to be replaced with "the amount of taxable capital gains, etc. on listed shares, etc. prescribed in Article 37-11, paragraph (1)", and the phrase "under Article 37-10, paragraph (1)" is deemed to be replaced with "under Article 37-11, paragraph (1)".
前条第六項の規定は、第一項の規定の適用がある場合について準用する。この場合において、同条第六項中「第三十七条の十第一項（一般株式等に係る譲渡所得等の課税の特例）」とあるのは「第三十七条の十一第一項（上場株式等に係る譲渡所得等の課税の特例）」と、「一般株式等に係る譲渡所得等の金額」とあるのは「上場株式等に係る譲渡所得等の金額」と、「一般株式等に係る譲渡所得の金額」とあるのは「上場株式等に係る譲渡所得の金額」と、「一般株式等に係る譲渡所得等が」とあるのは「上場株式等に係る譲渡所得等が」と、「第三十七条の十第一項に規定する一般株式等に係る課税譲渡所得等の金額」とあるのは「第三十七条の十一第一項に規定する上場株式等に係る課税譲渡所得等の金額」と、「第三十七条の十第一項の」とあるのは「第三十七条の十一第一項の」と読み替えるものとする。