①Where the district director (or, in the case where the regional commissioner referred to in Article 48-3 of the Inheritance Tax Act has taken over the affairs prescribed in that Article, that regional commissioner; the same applies in the following paragraph, Article 70-10, paragraph (1) and Article 70-12, paragraph (1)) grants permission for deferred payment of the amount of inheritance tax under the provisions of Article 38, paragraph (1) of that Act, if the proportion of the value of standing timber located within an area for which a forest management plan prescribed in Article 69-5, paragraph (2), item (i) has been established (excluding standing timber located within a district relating to the development of a forest health facility prescribed in that item, and limited to standing timber specified by Order of the Ministry of Finance as timber for which forest operations are to be carried out efficiently as a whole; the same applies hereinafter in this Article) in the total value of the property acquired by inheritance or bequest that formed the basis for calculating that amount of inheritance tax (referred to as the "value of taxable inherited property" hereinafter in this Article) is two-tenths or more, and the proportion of the value of real property, etc. prescribed in Article 38, paragraph (1) of that Act in the value of taxable inherited property is five-tenths or more, the district director may, upon application by the person liable for tax and notwithstanding the provisions of that paragraph, set the deferred payment period for the portion of tax calculated pursuant to the provisions of Cabinet Order as corresponding to the value of that standing timber, out of the amount of inheritance tax for which that permission for deferred payment is granted (referred to as the "tax on standing timber under a forest plan" hereinafter in this Article), at a period within 20 years (or, for the tax on standing timber under a forest plan relating to standing timber located within an area specified by Order of the Ministry of Finance out of the area of forests for operations by public-interest function prescribed in Article 5, paragraph (2), item (vi) of the Forest Act (referred to as the "tax on standing timber under a specified forest plan" hereinafter in this paragraph), within 40 years). In this case, if the deferred tax amount prescribed in Article 38, paragraph (1) of the Inheritance Tax Act is less than 2,000,000 yen (or, in the case where that deferred tax amount is that tax on standing timber under a specified forest plan, 4,000,000 yen), the period for which that permission for deferred payment may be granted may not exceed the number of years equivalent to the number obtained by dividing that deferred tax amount by 100,000 yen (or, if that number has a fraction of less than one, the number with that fraction counted as one).

②Where the district director grants permission for deferred payment of the amount of inheritance tax under the provisions of Article 38, paragraph (1) of the Inheritance Tax Act, if the proportion of the value of the standing timber prescribed in the preceding paragraph in the value of taxable inherited property is two-tenths or more, the district director may, upon application by the person liable for tax and notwithstanding the provisions of paragraph (2) of that Article, determine the installment payment to be paid for the tax on standing timber under a forest plan, out of the amount of inheritance tax for which that permission for deferred payment is granted, on the basis of the timing and volume of the felling of that standing timber under the forest management plan prescribed in the preceding paragraph.

③In the case where the proportion of the value of the standing timber prescribed in paragraph (1) in the value of taxable inherited property is two-tenths or more, with regard to the application of the provisions of Article 52, paragraph (1) of the Inheritance Tax Act to the tax on standing timber under a forest plan out of that deferred tax amount, the phrase "5.4 percent per annum" in item (i) of that paragraph is deemed to be replaced with "1.2 percent per annum".

④In calculating the value of taxable inherited property, if the property acquired by inheritance or bequest includes property listed in the following items, the value of the property listed in each of those items is to be the value specified in the relevant item:

⑤The provisions of Article 52, paragraph (3) of the Inheritance Tax Act apply mutatis mutandis to the case where the amount of inheritance tax for which permission for deferred payment has been granted includes both the tax on standing timber under a forest plan and the tax on the other portion.

⑥A person seeking the application of the provisions of paragraphs (1) through (3) must attach, to the written application prescribed in Article 39, paragraph (1) of the Inheritance Tax Act, a document stating details of the forest management plan prescribed in paragraph (1) relating to the standing timber prescribed in that paragraph and other matters specified by Order of the Ministry of Finance, and submit it to the district director with jurisdiction over the place for tax payment.

⑦In the case where, with regard to the forest management plan prescribed in paragraph (1) relating to a person who receives the application of the provisions of paragraphs (1) through (3), a revocation of the certification under the provisions of Article 16 of the Forest Act or any other event specified by Cabinet Order has occurred, the time specified by Cabinet Order as the time at which that event occurred is the due date for payment of the portion relating to the tax on standing timber under a forest plan relating to that forest management plan, out of the total of the installment payments that were to be paid on or after that time (referred to as the "installment payment to be paid" in this paragraph). In this case, if the number of years already applied out of that person's deferred payment period is less than 15 years (or, if the number of years for which permission for deferred payment was granted is less than 15 years, that number of years), the district director may, upon application by that person, apply the provisions of Article 38, paragraph (1) and Article 52, paragraph (1) of the Inheritance Tax Act to that installment payment to be paid, with the number of years by which it falls short as the deferred payment period.

⑧Necessary matters concerning notification to the district director in the case where the certification of the forest management plan referred to in the preceding paragraph or its revocation has been made are specified by Cabinet Order.

⑨The provisions of the preceding paragraphs apply mutatis mutandis to the deferred payment and interest tax relating to the amount of inheritance tax to be paid under the permission for deferred payment by a person who has received that permission under the provisions of Article 44, paragraph (1) or Article 47, paragraph (1) of the Inheritance Tax Act and for whom the proportion of the value of the standing timber prescribed in paragraph (1) in the value of taxable inherited property is two-tenths or more.

⑩Beyond what is provided for in paragraph (4) through the preceding paragraph, necessary matters concerning the application of the provisions of paragraphs (1) through (3) are specified by Cabinet Order.