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Article 67-17Tax Exemption for Profit from Redemption, etc. of Book-Entry Government Bonds, etc.

第六十七条の十七(振替国債の償還差益等の非課税等)

No corporation tax is imposed on profit from redemption (meaning the margin profit generated when the amount received from the redemption (including retirement by purchase; the same applies in the following paragraph, paragraph (3) and paragraph (11)) of the book-entry government bonds or book-entry municipal bonds exceeds the acquisition cost of the book-entry government bonds or book-entry municipal bonds) that a foreign corporation receives with respect to book-entry government bonds prescribed in Article 5-2, paragraph (1) (excluding those that fall under discount bonds (meaning discount bonds prescribed in Article 41-13, paragraph (1); hereinafter the same applies in this paragraph and the following paragraph); referred to as "book-entry government bonds" in this paragraph and paragraph (11)) or book-entry municipal bonds prescribed in Article 5-2, paragraph (1) (excluding those that fall under discount bonds; referred to as "book-entry municipal bonds" in this paragraph and paragraph (11)).

外国法人が第五条の二第一項に規定する振替国債(割引債(第四十一条の十三第一項に規定する割引債をいう。以下この項及び次項において同じ。)に該当するものを除く。以下この項及び第十一項において「振替国債」という。)又は第五条の二第一項に規定する振替地方債(割引債に該当するものを除く。以下この項及び第十一項において「振替地方債」という。)につき支払を受ける償還差益(その振替国債又は振替地方債の償還(買入消却を含む。次項、第三項及び第十一項において同じ。)により受ける金額がその振替国債又は振替地方債の取得価額を超える場合におけるその差益をいう。)については、法人税を課さない。

No corporation tax is imposed on profit from redemption (meaning the margin profit generated when the amount received from the redemption of the specified book-entry corporate bonds, etc. exceeds the acquisition cost of the specified book-entry corporate bonds, etc.) that a foreign corporation receives with respect to specified book-entry corporate bonds, etc. prescribed in Article 5-3, paragraph (4), item (vii) (excluding those that fall under discount bonds; referred to as "specified book-entry corporate bonds, etc." in this paragraph, paragraph (11) and paragraph (13)), which is received by a person that is not a specially related person, prescribed in paragraph (2) of that Article, of the person issuing those specified book-entry corporate bonds, etc.

外国法人が第五条の三第四項第七号に規定する特定振替社債等(割引債に該当するものを除く。以下この項、第十一項及び第十三項において「特定振替社債等」という。)につき支払を受ける償還差益(その特定振替社債等の償還により受ける金額がその特定振替社債等の取得価額を超える場合におけるその差益をいう。)で、当該特定振替社債等の発行をする者の同条第二項に規定する特殊関係者でないものが支払を受けるものについては、法人税を課さない。

No corporation tax is imposed on profit from redemption (meaning the margin profit generated when the amount received from the redemption of the private foreign bonds exceeds the acquisition cost of the private foreign bonds) that a foreign corporation receives with respect to private foreign bonds prescribed in Article 6, paragraph (4) issued on or after April 1, 1998 (referred to as "private foreign bonds" in this paragraph and paragraph (11)), which is received by a person that is not a specially related person, prescribed in paragraph (4) of that Article, of the person issuing those private foreign bonds.

外国法人が平成十年四月一日以後に発行された第六条第四項に規定する民間国外債(以下この項及び第十一項において「民間国外債」という。)につき支払を受ける償還差益(その民間国外債の償還により受ける金額がその民間国外債の取得価額を超える場合におけるその差益をいう。)で、当該民間国外債の発行をする者の同条第四項に規定する特殊関係者でないものが支払を受けるものについては、法人税を課さない。

Out of the profit from redemption of discount bonds prescribed in Article 41-12-2, paragraph (6), item (i) issued by a foreign corporation (meaning the margin profit generated when the amount received from the redemption, prescribed in paragraph (1) of that Article, of those discount bonds exceeds the acquisition cost of those discount bonds), that which is specified by Cabinet Order as pertaining to the business conducted through the permanent establishment of that foreign corporation is deemed to be the domestic source income listed in Article 138, paragraph (1), item (ii) of the Corporation Tax Act, and the provisions of that Act and other laws and regulations concerning corporation tax apply accordingly.

外国法人の発行する第四十一条の十二の二第六項第一号に規定する割引債の償還差益(当該割引債の同条第一項に規定する償還により受ける金額が当該割引債の取得価額を超える場合におけるその差益をいう。)のうち、当該外国法人の恒久的施設を通じて行う事業に係るものとして政令で定めるものについては、法人税法第百三十八条第一項第二号に掲げる国内源泉所得とみなして、同法その他法人税に関する法令の規定を適用する。

Profit from redemption prescribed in Article 41-12, paragraph (7) (excluding that which falls under the domestic source income listed in Article 141, item (i), (a) of the Corporation Tax Act) of discount bonds prescribed in paragraph (7) of that Article (limited to those to which the provisions of paragraph (3) of that Article have been applied) received by a foreign corporation is to be treated as not falling under the domestic source income listed in (b) of that item or in Article 141, item (ii) of that Act.

外国法人が支払を受ける第四十一条の十二第七項に規定する割引債(同条第三項の規定の適用を受けたものに限る。)の同条第七項に規定する償還差益(法人税法第百四十一条第一号イに掲げる国内源泉所得に該当するものを除く。)は、同号ロ又は同法第百四十一条第二号に掲げる国内源泉所得に該当しないものとする。

Where a foreign corporation has income arising from the holding of specified book-entry discount bonds (meaning specified book-entry discount bonds prescribed in Article 41-13-3, paragraph (7), item (vii); hereinafter the same applies in this paragraph and paragraph (11)) for which it has received entries or records under the book-entry transfer system prescribed in item (vi) of that paragraph in its account established with a specified book-entry transfer institution, etc. (meaning a specified book-entry transfer institution, etc. prescribed in paragraph (1) of that Article; hereinafter the same applies in this paragraph) or a qualified foreign intermediary (meaning a qualified foreign intermediary prescribed in paragraph (7), item (iv) of that Article; hereinafter the same applies in this paragraph), via a business office or any other office of the specified book-entry transfer institution, etc. located in Japan or a specified overseas business office, etc. prescribed in paragraph (7), item (v) of that Article of the qualified foreign intermediary, corporation tax is not imposed with respect to the income arising from the holding of those specified book-entry discount bonds that arises for a person that is not a specially related person, prescribed in paragraph (4) of that Article, of the issuer of those specified book-entry discount bonds.

外国法人が特定振替機関等(第四十一条の十三の三第一項に規定する特定振替機関等をいう。以下この項において同じ。)又は適格外国仲介業者(同条第七項第四号に規定する適格外国仲介業者をいう。以下この項において同じ。)から開設を受けている口座において当該特定振替機関等の国内にある営業所若しくは事務所又は当該適格外国仲介業者の同条第七項第五号に規定する特定国外営業所等を通じて同項第六号に規定する振替記載等を受けている特定振替割引債(同項第七号に規定する特定振替割引債をいう。以下この項及び第十一項において同じ。)の保有により生ずる所得を有する場合の当該特定振替割引債の保有により生ずる所得で、当該特定振替割引債の発行者の同条第四項に規定する特殊関係者でないものにつき生ずる所得については、法人税を課さない。

No corporation tax is imposed on lending fees, etc. (meaning the margin specified by Cabinet Order as arising from a bond transaction with a repurchase/resale agreement prescribed in Article 42-2, paragraph (1) (referred to as a "bond transaction with a repurchase/resale agreement" in paragraph (9)), or the money paid as consideration for the lending of the securities listed in the items of paragraph (1) of that Article to a specified financial institution, etc. through a securities lending transaction prescribed in that paragraph; the same applies in the following paragraph) that a foreign financial institution, etc. prescribed in Article 42-2, paragraph (7), item (i) (referred to as a "foreign financial institution, etc." in the following paragraph) receives, with respect to a specified bond transaction with a repurchase/resale agreement, etc. involving book-entry bonds, etc. prescribed in paragraph (1) of that Article, from a specified financial institution, etc. prescribed in paragraph (7), item (ii) of that Article (referred to as a "specified financial institution, etc." in this paragraph and paragraph (9)).

第四十二条の二第七項第一号に規定する外国金融機関等(次項において「外国金融機関等」という。)が、同条第一項に規定する振替債等に係る特定債券現先取引等につき、同条第七項第二号に規定する特定金融機関等(以下この項及び第九項において「特定金融機関等」という。)から支払を受ける貸借料等(同条第一項に規定する債券現先取引(第九項において「債券現先取引」という。)から生ずる差益として政令で定めるもの又は同条第一項に規定する証券貸借取引による特定金融機関等に対する同項各号に掲げる有価証券の貸付けの対価として支払われる金銭をいう。次項において同じ。)については、法人税を課さない。

The provisions of Article 42-2, paragraph (2) apply mutatis mutandis to a foreign financial institution, etc. that receives lending fees, etc. In this case, in that paragraph, the phrase "the provisions of the preceding paragraph" is deemed to be replaced with "the provisions of Article 67-17, paragraph (7)", the phrase "and the preceding paragraph" with "and paragraph (7) of that Article", the phrase "that preceding paragraph" with "that paragraph (7) of that Article", the phrase "pertaining to the interest received" with "pertaining to lending fees, etc. (referred to as 'lending fees, etc.' in this paragraph)", the phrase "received by the foreign financial institution, etc. referred to in that paragraph" with "received by the foreign financial institution, etc. referred to in paragraph (7) of that Article", and the phrase "the interest received prescribed in that paragraph" with "lending fees, etc.", and the term "interest" in items (i) and (iii) of that paragraph is deemed to be replaced with "lending fees, etc.".

第四十二条の二第二項の規定は、貸借料等の支払を受ける外国金融機関等について準用する。この場合において、同項中「前項の規定」とあるのは「第六十七条の十七第七項の規定」と、「及び前項」とあるのは「及び同条第七項」と、「当該前項」とあるのは「当該同条第七項」と、「支払を受ける利子に係る」とあるのは「貸借料等(以下この項において「貸借料等」という。)に係る」と、「には、同項」とあるのは「には、同条第七項」と、「同項に規定する支払を受ける利子について」とあるのは「貸借料等について」と、同項第一号及び第三号中「利子」とあるのは「貸借料等」と読み替えるものとする。

No corporation tax is imposed on the margin specified by Cabinet Order as arising from a bond transaction with a repurchase/resale agreement that a specified foreign corporation prescribed in Article 42-2, paragraph (3) (referred to as a "specified foreign corporation" in the following paragraph) receives from a specified financial institution, etc. with respect to a specified bond transaction with a repurchase/resale agreement involving book-entry government bonds, etc. prescribed in paragraph (3) of that Article that commenced during the period from April 1, 2017 to March 31, 2029.

第四十二条の二第三項に規定する特定外国法人(次項において「特定外国法人」という。)が、平成二十九年四月一日から令和十一年三月三十一日までの間において開始した同条第三項に規定する振替国債等に係る特定債券現先取引につき、特定金融機関等から支払を受ける債券現先取引から生ずる差益として政令で定めるものについては、法人税を課さない。

The provisions of Article 42-2, paragraph (4) apply mutatis mutandis to a specified foreign corporation that receives the margin prescribed in the preceding paragraph. In this case, the phrase "the preceding paragraph" in paragraph (4) of that Article is deemed to be replaced with "Article 67-17, paragraph (9)", the phrase "the interest received" with "the margin", and the phrase "that interest" with "that margin".

第四十二条の二第四項の規定は、前項に規定する差益の支払を受ける特定外国法人について準用する。この場合において、同条第四項中「前項」とあるのは「第六十七条の十七第九項」と、「支払を受ける利子」とあるのは「差益」と、「当該利子」とあるのは「当該差益」と読み替えるものとする。

The amount of loss arising from the redemption of book-entry government bonds, book-entry municipal bonds, specified book-entry corporate bonds, etc. (excluding those held by a specially related person, prescribed in Article 5-3, paragraph (2), of the person issuing those specified book-entry corporate bonds, etc.), private foreign bonds (excluding those held by a specially related person, prescribed in Article 6, paragraph (4), of the person issuing those private foreign bonds) or specified book-entry discount bonds (excluding those held by a specially related person, prescribed in Article 41-13-3, paragraph (4), of the issuer of those specified book-entry discount bonds) held by a foreign corporation (or, for specified book-entry discount bonds, the amount of loss arising from the holding of those specified book-entry discount bonds and any other amount specified by Cabinet Order) is deemed not to exist for the purpose of applying the provisions of laws and regulations concerning corporation tax.

外国法人が有する振替国債、振替地方債、特定振替社債等(当該特定振替社債等の発行をする者の第五条の三第二項に規定する特殊関係者が有するものを除く。)、民間国外債(当該民間国外債の発行をする者の第六条第四項に規定する特殊関係者が有するものを除く。)又は特定振替割引債(当該特定振替割引債の発行者の第四十一条の十三の三第四項に規定する特殊関係者が有するものを除く。)の償還により生ずる損失の額(特定振替割引債にあつては、当該特定振替割引債の保有により生ずる損失の額その他の政令で定める金額)は、法人税に関する法令の規定の適用については、ないものとみなす。

The provisions of paragraphs (1) through (3), paragraph (6), paragraph (7), paragraph (9) and the preceding paragraph do not apply to that which, out of the profit from redemption prescribed in paragraph (1), the profit from redemption prescribed in paragraph (2), the profit from redemption prescribed in paragraph (3), the income arising from holding prescribed in paragraph (6), the lending fees, etc. prescribed in paragraph (7), the margin prescribed in paragraph (9) or the amount of loss prescribed in the preceding paragraph, is received by a foreign corporation that has a permanent establishment, or arises for a foreign corporation that has a permanent establishment, and falls under the domestic source income listed in Article 141, item (i), (a) of the Corporation Tax Act.

第一項から第三項まで、第六項、第七項、第九項及び前項の規定は、第一項に規定する償還差益、第二項に規定する償還差益、第三項に規定する償還差益、第六項に規定する保有により生ずる所得、第七項に規定する貸借料等、第九項に規定する差益又は前項に規定する損失の額のうち、恒久的施設を有する外国法人が支払を受けるもの又は恒久的施設を有する外国法人につき生ずるもので法人税法第百四十一条第一号イに掲げる国内源泉所得に該当するものについては、適用しない。

The determination of whether a person receiving payment of profit from redemption, prescribed in paragraph (2), of specified book-entry corporate bonds, etc. is a specially related person prescribed in that paragraph, and other necessary matters concerning the application of the provisions of the preceding paragraphs are specified by Cabinet Order.

特定振替社債等の第二項に規定する償還差益の支払を受ける者が同項に規定する特殊関係者であるかどうかの判定その他前各項の規定の適用に関し必要な事項は、政令で定める。

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