①The provisions of Article 70-7 of the New Act apply to inheritance tax pertaining to permission for payment in installments granted on or after the Effective Date pursuant to the provisions of Article 38, paragraph (1) or Article 43, paragraph (5) of the Inheritance Tax Act (Act No. 73 of 1950), and with regard to inheritance tax for which permission for payment in installments was granted before the Effective Date pursuant to those provisions, the provisions then in force continue to govern, except as specified in the following paragraph and paragraph (3).

②Where there is an amount of inheritance tax pertaining to permission for payment in installments granted before the Effective Date in which the ratio of the value of standing timber prescribed in Article 70-7, paragraph (1) of the New Act to the total value of the property that formed the basis for calculating that amount of inheritance tax is 4/10 or more and less than 5/10, the district director may, upon an application made in the manner specified by Cabinet Order, by the first due date for payment arriving on or after the Effective Date (or, if the period from the Effective Date to that due date for payment is less than four months, by the day on which four months have elapsed from the Effective Date; the same applies in the following paragraph), by the person who received that permission for payment in installments, change the installment payments for the payment in installments whose due dates for payment arrive on or after the Effective Date in accordance with the provisions of paragraph (1) of that Article.

③In the case prescribed in the preceding paragraph, if a person who received permission for payment in installments before the Effective Date has submitted the documents prescribed in Article 70-7, paragraph (4) of the New Act to the district director with jurisdiction over the place for tax payment by the due date for payment of the first installment payment for the payment in installments arriving on or after the Effective Date, the portion of the interest tax on the amount of inheritance tax for which the due date for payment of an installment payment for the payment in installments arrives on or after the Effective Date that corresponds to the period on or after the Effective Date is to be calculated in accordance with the provisions of paragraph (2) of that Article.

④With regard to inheritance tax pertaining to national government bonds, local government bonds or corporate bonds prescribed in Article 71, paragraph (1) of the Former Act (hereinafter referred to as "refunding government bonds, etc." in this paragraph) acquired before the Effective Date by inheritance or bequest (including a gift that takes effect upon the death of the donor; hereinafter the same applies in this paragraph), or inheritance tax pertaining to refunding government bonds, etc. acquired by inheritance or bequest from a person who holds refunding government bonds, etc. on the Effective Date, the provisions then in force continue to govern.