①Where a wage earner prescribed in paragraph (1) of the preceding Article makes, at the business office of a financial institution or other such place, a placement of deposits and savings, jointly managed trusts, or securities, or of premiums for life insurance or casualty insurance or mutual aid premiums for life mutual aid, under a workers' property accumulation pension savings contract prescribed in Article 6, paragraph (2) of the Workers' Property Accumulation Promotion Act (hereinafter referred to in this Article as a "workers' property accumulation pension savings contract"), which are specified by Cabinet Order (hereinafter referred to in this Article as "asset-building pension savings"), if, pursuant to the provisions of Cabinet Order, the wage earner has submitted, at the time of the placement, a document stating that the wage earner seeks the application of the provisions of this paragraph with regard to the asset-building pension savings and other necessary matters (hereinafter referred to in this Article as an "application to exempt asset-building pension savings from taxation") via the office, place of business, or any other equivalent place of the wage payer prescribed in paragraph (1) of the preceding Article (limited to the payer via which the wage earner submitted the salary income earner's return for deduction for Dependents, etc. prescribed in Article 194, paragraph (8) of the Income Tax Act) that handles the administrative affairs of paying the wages (hereinafter referred to in this Article as the "place of employment") (where the wage payer (limited to an employer of a small and medium sized enterprise prescribed in Article 14, paragraph (2) of the Workers' Property Accumulation Promotion Act; referred to in paragraph (4) as a "specified wage payer") has entrusted the administrative affairs pertaining to workers' property accumulation pension savings contracts to an administrative agent organization prescribed in Article 14, paragraph (2) of that Act (hereinafter referred to in this Article as an "administrative agent organization"), the place of employment and the office or any other equivalent place of the administrative agent organization pertaining to the entrustment that performs those administrative affairs; hereinafter referred to in this Article as the "place of employment, etc."), income tax is not imposed on what is specified in each of the following items, only in the case listed in that item:

②The provisions of the preceding paragraph do not apply, where an individual who has submitted a statement of tax-exempt asset-building pension savings prescribed in paragraph (4) has received payment of money under a workers' property accumulation pension savings contract by a method other than the methods prescribed in Article 6, paragraph (2), item (i), (b), item (ii), (b), or item (iii), (b) of the Workers' Property Accumulation Promotion Act, or in any other case specified by Cabinet Order, to the interest, distribution of proceeds, or gain listed in the items of that paragraph pertaining to the asset-building pension savings for which a placement has been made under the workers' property accumulation pension savings contract, which is specified by Cabinet Order.

③An application to exempt asset-building pension savings from taxation may be submitted only to the business office of the financial institution or other such place via which the statement of tax-exempt asset-building pension savings prescribed in the following paragraph was submitted.

④The provisions of paragraph (1) apply only where the person has submitted a return stating the following matters (hereinafter referred to in this Article as a "statement of tax-exempt asset-building pension savings"), with a document by the head of the place of employment (where a specified wage payer has entrusted the administrative affairs pertaining to workers' property accumulation pension savings contracts to an administrative agent organization, the office or any other equivalent place of the administrative agent organization pertaining to the entrustment that performs those administrative affairs; the same applies in paragraph (7)) certifying the matters listed in item (iv) attached thereto, to the district director with jurisdiction over the place of the person's domicile, via the place of employment, etc. and the business office of the financial institution or other such place at which the person intends to make a placement of the asset-building pension savings for which the person seeks the application of the provisions of paragraph (1), by the day on which the person first makes the placement:

⑤Where a person who has submitted a statement of tax-exempt asset-building pension savings intends to change the maximum limitation listed in item (iii) of the preceding paragraph stated in the statement (where the person has already submitted a return under this paragraph, the maximum limitation after the change stated in that return), the person is to submit, pursuant to the provisions of Cabinet Order, a return stating to that effect, the maximum limitation after the change, and other necessary matters (referred to in the following paragraph as a "statement of change to the maximum limitation for tax-exempt asset-building pension savings") to the district director with jurisdiction over the place for tax payment, via the place of employment, etc. and the business office of the financial institution or other such place via which the statement of tax-exempt asset-building pension savings was submitted.

⑥In the cases referred to in the preceding two paragraphs, when a statement of tax-exempt asset-building pension savings or a statement of change to the maximum limitation for tax-exempt asset-building pension savings has been accepted by the business office of the financial institution or other such place prescribed in those provisions, the statement is deemed to have been submitted to the district director prescribed in those provisions on the day on which it was accepted.

⑦A statement of tax-exempt asset-building pension savings may not be submitted where the wage earner prescribed in paragraph (1) has already submitted such a statement (excluding the cases specified by Cabinet Order), and the place of employment may not accept a statement of tax-exempt asset-building pension savings where it falls under any of the following cases:

⑧Where a wage earner prescribed in paragraph (1) has made a placement, at the business office of a financial institution or other such place, of asset-building pension savings for which the wage earner seeks the application of the provisions of that paragraph, the wage earner must have the securities or certificates of deposit or other certificates pertaining to the asset-building pension savings managed by custody, entries or records in a transfer account book prescribed in the Act on Book-Entry Transfer of Corporate Bonds and Shares, or any other method specified by Cabinet Order, and the head of the business office of the financial institution or other such place must, when accepting the placement of the asset-building pension savings, establish an account for each individual and manage the matters concerning the asset-building pension savings through that account, pursuant to the provisions of Cabinet Order.

⑨Beyond what is prescribed in paragraph (3) through the preceding paragraph, the method of calculating the principal and the face value or equivalent amount referred to in paragraph (1), the submission of an application to exempt asset-building pension savings from taxation and a statement of tax-exempt asset-building pension savings, matters concerning the filing of a return in the case where a person who has submitted the statement has changed the matters stated in the statement after its submission, intends to cease to receive the application of the provisions of that paragraph, or has ceased to be a wage earner in relation to the wage payer referred to in that paragraph, and other necessary matters concerning the application of the provisions of that paragraph are specified by Cabinet Order.

⑩Where, with regard to a workers' property accumulation pension savings contract or its performance, a fact has arisen by which the requirements prescribed in Article 6, paragraph (2), item (i), (b) or (c), item (ii), (b) or (c), or item (iii), (b) or (c) of the Workers' Property Accumulation Promotion Act are no longer met, the provisions of this Act and the Income Tax Act apply by deeming that the provisions of paragraph (1) have not applied to the interest, distribution of proceeds, or gain listed in the items of that paragraph that is specified by Cabinet Order and was paid within five years before the day on which the fact (where the day on which the fact arose is on or after the pension payment commencement date prescribed in item (i), (b), item (ii), (b), or item (iii), (b) of that paragraph, limited to the fact that arose within five years from the pension payment commencement date) arose, and that the interest, distribution of proceeds, or gain was paid on the day on which the fact arose. In this case, matters concerning withholding at the source prescribed in Article 2, paragraph (1), item (xlv) of the Income Tax Act by the person who pays the interest, distribution of proceeds, or gain, and other necessary matters concerning the application of the provisions of this paragraph and that Act are specified by Cabinet Order.