①With regard to dividends of surplus which a resident or a nonresident who has a permanent establishment is to receive in Japan on or after January 1, 2016, and which pertain to distributions of proceeds from the following beneficial rights (hereinafter referred to in this Article as "dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc."), notwithstanding the provisions of Article 22, Article 89, and Article 165 of the Income Tax Act, income tax is imposed by applying a tax rate of 15 percent to the amount to be received, separately from other income:

②The provisions of the preceding paragraph do not apply to dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. which are received by a nonresident who has a permanent establishment and which do not fall under the domestic source income listed in Article 164, paragraph (1), item (i), (a) of the Income Tax Act.

③With regard to the application of the provisions of Article 170, Article 175, or Article 179 of the Income Tax Act to dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. which a nonresident, a domestic corporation, or a foreign corporation is to receive on or after January 1, 2016 (for those to be received by a nonresident who has a permanent establishment, limited to those that do not fall under the domestic source income listed in Article 164, paragraph (1), item (i), (a) of that Act), the tax rate of 20 percent prescribed in those provisions is to be a tax rate of 15 percent.

④With regard to the application of the provisions of Article 182 or Article 213 of the Income Tax Act to dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. to be received on or after January 1, 2016, the tax rate of 20 percent prescribed in those provisions is to be a tax rate of 15 percent.

⑤With regard to the application of the provisions of Article 9-6-3 and Article 9-6-4 to a resident or a nonresident who has a permanent establishment who receives payment of dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc., the phrase "of a dividend of surplus" in Article 9-6-3, paragraph (3) and Article 9-6-4, paragraph (3) is deemed to be replaced with "of a dividend of surplus (excluding dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. prescribed in Article 8-2, paragraph (1) to which the provisions of that paragraph have been applied; the same applies hereinafter in this paragraph)".

⑥The provisions of Article 224, Article 225, paragraph (1), and Article 228, paragraph (1) of the Income Tax Act, insofar as they pertain to dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc., do not apply to a resident or a nonresident who receives payment of dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. to be received on or after January 1, 2016 and the person who makes that payment, or to a resident or a nonresident who receives payment of dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. from a person who receives payment of dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. as a nominee for another person in connection with the person's business, and the person who receives payment of the dividends, etc. from distributions of proceeds of privately placed bond-based investment trusts, etc. as the nominee.