ASSETS REVALUATION ACT
Act No. 1691, Mar. 31, 1965
Amended by Act No. 1755, Mar. 8, 1966
Act No. 2123, Jul. 28, 1969
Act No. 2317, Dec. 28, 1971
Act No. 2479, Feb. 6, 1973
Act No. 2683, Dec. 21, 1974
Act No. 2939, Dec. 22, 1976
Act No. 3724, Apr. 10, 1984
Act No. 4803, Dec. 22, 1994
Act No. 5454, Dec. 13, 1997
Act No. 5531, Apr. 10, 1998
Act No. 5542, May 25, 1998
Act No. 5559, Sep. 16, 1998
Act No. 5584, Dec. 28, 1998
Act No. 5581, Dec. 28, 1998
Act No. 7335, Jan. 14, 2005
Act No. 10221, Mar. 31, 2010
Act No. 10281, May 14, 2010
Act No. 13782, Jan. 19, 2016
Act No. 13796, Jan. 19, 2016
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to promote rationalization of management through revaluating assets of corporations or individuals in accordance with reality so as to make proper depreciation and accurate accounts of corporation assets possible. <Amended by Act No. 5531, Apr. 10, 1998>
| (1) | The term "revaluation" used in this Act means the increasing of the book value of assets that belong to a corporation or individual business, so that the book value corresponds to the real value of the assets. <Amended by Act No. 5531, Apr. 10, 1998> |
| (2) | The term "evaluated value" used in this Act means the book value of assets as calculated on the balance sheet (where the balance sheet is unavailable, the property inventory or other similar account documents; hereinafter the same shall apply). In this case, when amortization of assets is calculated not by directly subtracting from the book value of assets but as cumulative sum of depreciation, the value obtained by subtracting the cumulative sum of depreciation from the book value shall become the evaluated value; when the amount of money counted in as pecuniary losses or necessary expenses under the provisions of Articles 36, 37, 38, 44, 46 and 50 of the Corporate Tax Act, Articles 31 and 32 of the Income Tax Act, or Article 23 of the Restriction of Special Taxation Act, is not calculated in the book value of the concerned fixed assets, the value obtained by adding the corresponding amount of money to the book value shall become the evaluated value. <Amended by Act No. 2123, Jul. 28, 1969; Act No. 2683, Dec. 21, 1974; Act No. 4803, Dec. 22, 1994; Act No. 5531, Apr. 10, 1998; Act No. 5581, 5584, Dec. 28, 1998> |
| (3) | The term "revaluated value" used in this Act means the increased evaluated value where there is increase in the evaluated value by revaluating assets of a corporation or an individual. |
| Article 3 (Exclusion of Application) |
The provisions of this Act shall not apply to assets which belong to the State or local governments: Provided, That this shall not apply to State-owned or public-owned assets on which a sales contract has been concluded.
CHAPTER II TIME AND SCOPE FOR REVALUATION
| Article 4 (Revaluation Date) |
| (1) | The standard date of revaluation under the provisions of this Act (hereinafter referred to as "revaluation date") shall fall under any of the following subparagraphs: <Amended by Act No. 5531, Apr. 10, 1998> |
| 1. | Corporation: the first day of each business year or the first day after the lapse of each 3, 6, or 9 months since the first day of each business year; |
| 2. | Individual: the first days of January, April, July, and October every year. |
| (2) | A corporation that seeks a merger as prescribed by the Presidential Decree may conduct revaluation on the first day of each month as the revaluation date. <Amended by Act No. 2683, Dec. 21, 1974> |
| Article 5 (Scope of Assets Revaluated) |
| (1) | A corporation or a business person under the provisions of Article 28 of the Corporate and Income Tax Act may conduct revaluation, as prescribed in this Act, on the assets defined in each of the following subparagraphs, which belong to the concerned enterprise and are located in Korea as of the revaluation date: Provided, That assets prescribed by the Presidential Decree, such as assets owned for transactions, etc., are excepted: <Amended by Act No. 5531, Apr. 10, 1998> |
| 2. | Lands acquired before December 31, 1997. |
| (2) | When the assets under the provisions of paragraph (1) are trust assets, the beneficiary thereof shall revaluate them. If the beneficiary is not designated to or his location is unknown, the consignor or the inheritor of the beneficiary may conduct revaluation. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 6 (Location of Assets) |
The location of the assets under the provisions of Article 5 (1) shall be prescribed in each of the following subparagraphs: <Amended by Act No. 5531, Apr. 10, 1998> | 1. | In case of movables, immovables, or rights to immovables, the location of the relevant movables or immovables: Provided, That in case of ships, the port of registry; |
| 2. | In case of right of mining, the location of the mining lot; |
| 3. | In case of right of fishery, the location of the fishery zone; |
| 4. | In case of patent right, utility model right, design right, or trademark right, the place where the registration is conducted; |
| 5. | In case of stocks, the location of the head office or principal office of the issuing corporation; |
| 6. | In case of right concerning business places other than those referred to in Articles 1 through 5, the location of the business place; |
| 7. | In case of assets other than those referred to in Articles 1 through 6, the domicile or residence of the owner thereof. |
CHAPTER III REVALUATED VALUE AND REVALUATION SPREAD
| Article 7 (Revaluated Value) |
| (1) | The revaluated value of assets under the provisions of Article 5 (1) shall depend on the market value as of the revaluation date. <Amended by Act No. 5531, Apr. 10, 1998> |
| (2) | The market value under paragraph (1) shall depend on an appraisal report made by an appraisal corporation under the Act on Appraisal and Certified Appraisers: Provided, That with regard to appraisal of lands, publicly notified individual land price under the Act on the Public Announcement of Real Estate Values may be applicable. <Amended by Act No. 5531, Apr. 10, 1998; Act No. 7335, Jan. 14, 2005; Act No. 13782, Jan. 19, 2016; Act No. 13796, Jan. 19, 2016> |
| (3) | The appraisal corporation which can make appraisal reports under the provisions of paragraph (2) may be classified and determined by the Presidential Decree, based on the total amount of evaluated values of revaluated assets for the enterprise that is to be reevaluated. <Amended by Act No. 5531, Apr. 10, 1998> |
| (4) | Where the appraisal corporation is to evaluate the market value of the assets prescribed by the Presidential Decree such as imported machinery, it shall conduct the evaluation based on the average value of standard exchange rates or arbitrated exchange rates under the provisions of Article 4 of the Foreign Exchange Control Act during the period of one year before the reevaluation date. <Newly Inserted by Act No. 5531, Apr. 10, 1998> |
| Article 8 (Revaluation Spread) |
| (1) | The balance left after subtracting the evaluated value at the time of one day before revaluation from the revaluated value of assets under the provisions of Article 7 shall be the revaluation spread. <Amended by Act No. 5531, Apr. 10, 1998> |
| (2) | Where the depreciation or decrement of book value is incurred before the revaluation date to the assets under the provisions of Article 5 (1), the amounts of the depreciation or the decrement that were not or are not to be calculated as pecuniary losses or necessary expenses in terms of computation of income under the provisions of the Corporate Tax Act or Income Tax Act, (hereinafter referred to as "rejected depreciation") shall be added to the evaluated value referred to in paragraph (1). <Amended by Act No. 5531, Apr. 10, 1998> |
CHAPTER IV REVALUATION TAX
A person who has conducted revaluation shall pay the revaluation tax as prescribed in this Act.
| Article 10 (Succession of Tax Duty) |
| (1) | A corporation established by a merger or existing after a merger (hereinafter referred to as "merged corporation") shall succeed to the duty of the revaluation tax of the corporation that was terminated after the merger. |
| (2) | An inheritor shall succeed to the duty of the revaluation tax of the inheritee. |
| (3) | When, with regard to paragraph (2), there are more than two inheritors, each person shall assume the duty that is proportionate to his share in the inheritance. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 11 (Non-Taxable Corporation) |
Where a corporation which conducts a revaluation comes to fall under one of the following subparagraphs, the revaluation tax shall not be imposed: <Amended by Act No. 2123, Jul. 28, 1969; Act No. 2939, Dec. 22, 1976>
| 1. | A corporation upon which corporation tax is not imposed in accordance with the provisions of the Corporate Tax Act or other acts: Provided, That this shall not apply to a corporation upon which corporation tax is not imposed only for a certain period; |
The amount of money used as a tax base for revaluation tax shall be obtained by subtracting the deficit brought forward up to the revaluation date under the provisions of the Corporate Tax Act and Income Tax Act (in case of a corporation, the first day of each business year; in case of an individual, the first day of January of the year concerned) from the revaluation spread under the provisions of Article 8. <Amended by Act No. 5531, Apr. 10, 1998>
| (1) | Revaluation tax is the sum of the amounts of money calculated by applying the tax rates of the following subparagraphs to the amount of money used as the tax base under the provisions of Article 12: |
| 1. | For the tax base that corresponds to the revaluation spread of land prescribed in Article 5 (1) 2 (excluding land acquired before December 31, 1983 and not revaluated since January 1, 1984 on which evaluation is conducted for the first time): 1/100 of the tax base as tax rate; |
| 2. | For assets other than those referred to in subparagraph 1: 3/100 of the tax base as tax rate. |
| (2) | Matters necessary for classified computations of tax bases that correspond to the revaluation spread of assets in each subparagraph of paragraph (1) shall be prescribed by the Presidential Decree. |
[This Article Wholly Amended by Act No. 5531, Apr. 10, 1998]
CHAPTER V TAX REPORT AND DETERMINATION
| Article 14 Deleted. <by Act No. 5531, Apr. 10, 1998> |
| Article 15 (Revaluation Report) |
| (1) | This Act shall apply only where a person who has conducted revaluation submits a revaluation report within 90 days after the revaluation date under such terms and conditions as the Presidential Decree may determine, accompanied by a balance sheet, appraisal report, revaluated value, calculation sheet of revaluation spread, and other supplementary documents to the chief of the regional tax office having jurisdiction over the place of tax payment: Provided, That this shall not apply where, due to unavoidable causes determined by the Presidential Decree, permission for extension of report deadline is obtained from the chief of the regional tax office having jurisdiction over the place of tax payment under such terms and conditions as the Presidential Decree may determine. <Amended by Act No. 5531, Apr. 10, 1998> |
| (2) | The chief of the regional tax office having jurisdiction over the place of tax payment may order, if deemed necessary, submission of an appraisal report made by an appraisal corporation other than the appraisal corporation which made the appraisal report referred to in paragraph (1). <Amended by Act No. 5531, Apr. 10, 1998> |
| (3) | Where a corporation which shall submit an appraisal report referred to in paragraph (1) is terminated by a merger, the merged corporation shall submit the report. |
| Article 16 Deleted. <by Act No. 5531, Apr. 10, 1998> |
| Article 17 (Determination of Revaluated Value, etc.) |
| (1) | Revaluated value, revaluation spread, and revaluation tax (hereinafter referred to as "revaluated value, etc.") shall be determined by the chief of the regional tax office having jurisdiction over the place of tax payment, based on the reports under the provisions of Article 15, until the closing day of the taxation period or business year to which the revaluation date belongs: Provided, That where an individual selects the first day of October as the revaluation date, or a corporation selects a day after the lapse of 9 months since the first day of each business year as the revaluation date, the chief shall make a determination within the current tax period or one month after the next day after the closing day of the business year. <Amended by Act No. 2683, Dec. 21, 1974; Act No. 5531, Apr. 10, 1998> |
| (2) | The head of local tax administration may, if deemed necessary, make the chief of the regional tax office having jurisdiction over the place of tax payment consult with the Revaluation Council in making a determination about the revaluation value, etc. pursuant to paragraph (1). <Newly Inserted by Act No. 5531, Apr. 10, 1998> |
| (3) | Matters necessary for the organization and operation, etc. of the Revaluation Council under the provisions of paragraph (2) shall be determined by the Presidential Decree. <Newly Inserted by Act No. 5531, Apr. 10, 1998> |
| (4) | Where the chief of the regional tax office having jurisdiction over the place of tax payment deems that a revaluation report under the provision of Article 15 is improper, he shall investigate thereon and determine the revaluation value, etc. <Newly Inserted by Act No. 5531, Apr. 10, 1998> |
| (5) | Where the chief of the regional tax office having jurisdiction over the place of tax payment makes a determination pursuant to the provisions of paragraph (1), he shall notify the reporter of revaluation. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 18 (Effect of Determination of Revaluated Value, etc.) |
| (1) | The determination of a revaluated value and a revaluation spread under the provisions of Article 17 (1) shall be effective retroactively from the revaluation date: Provided, That where a corporation has been dissolved, has closed down, or has transferred revaluated assets before the determination under the provisions of Article 17 (1) or within one year after the revaluation date, no revaluation under this Act shall be deemed to have been made. <Amended by Act No. 2123, Jul. 28, 1969; Act No. 2317, Dec. 28, 1971; Act No. 2638, Dec. 21, 1974; Act No. 2939, Dec. 22, 1976> |
| (2) | The provisions of the proviso of paragraph (1) shall not apply to a merger or a consolidation, or where an investment in kind is made to establish a foreign-invested enterprise under the provisions of the Foreign Investment Promotion Act. <Newly Inserted by Act No. 2939, Dec. 22, 1976; Act No. 5454, Dec. 13, 1997; Act No. 5559, Sep. 16, 1998> |
| Article 19 (Payment of Revaluation Tax) |
| (1) | A person who has conducted revaluation shall pay, upon filing a revaluation report under the provisions of Article 15, a revaluation tax computed by applying tax rates under the provisions of Article 13 to the tax base that is based on the revaluation spread reported, to the regional tax offices having jurisdiction over the place of tax payment, the Bank of Korea, or postal service organizations: Provided, That where the amount of revaluation tax exceeds 10 million won, it may be paid by annual installments in such a manner as prescribed by the Presidential Decree. <Amended by Act No. 2683, Dec. 21, 1974; Act No. 5531, Apr. 10, 1998> |
| (2) | Where an amount of tax payable in accordance with the provisions of paragraph (1) has not been paid in whole or in part, or where the tax amount paid falls short of or exceeds the amount of revaluation tax determined in accordance with the provisions of Article 17 (1) or 65 of the Framework Act on National Taxes (including the mutatis mutandis application thereof under Article 81), the chief of the regional tax office having jurisdiction over the place of tax payment shall either collect or refund the difference within 30 days, according to the examples of national tax collection or refund. <Amended by Act No. 2683, Dec. 21, 1974; Act No. 2939, Dec. 22, 1976; Act No. 5531, Apr. 10, 1998> |
| Article 20 (Responsibility of Liquidators, etc.) |
If a corporation which has conducted a revaluation has distributed any residual property without paying the revaluation tax, and is dissolved thereafter, the liquidators and persons who received the residual property shall be jointly liable for payment of the revaluation tax: Provided, That a person who has received the residual property shall be liable only up to the limit of the value of property received in the distribution.
| Articles 21 and 22 Deleted. <by Act No. 2939, Dec. 22, 1976> |
| Articles 23 and 24 Deleted. <by Act No. 5531, Apr. 10, 1998> |
CHAPTER VIII ACCOUNTING OF REVALUATION SPREAD
| Article 25 (Resolution, etc., of Board of Directors) |
If a corporation has conducted a revaluation, it shall obtain a resolution of the board of directors in case of a joint stock company, and approval of the general meeting or other decision-making organ similar thereto in case of a corporation other than a joint stock company, before filing a report on revaluation under the provisions of Article 15.
[This Article Wholly Amended by Act No. 2939, Dec. 22, 1976]
| Article 26 (Preclusion of Provisions of Commercial Act) |
With respect to assets revaluated, the provisions of Article 452 of the Commercial Act shall not apply. <Amended by Act No. 3724, Apr. 10, 1984; Act No. 10281, May 14, 2010>
| Article 27 (Special Cases of Appropriation of Profit) |
An amount of revaluation spread of a corporation shall not be deemed as profit in applying the provisions concerning appropriation of profit under the Commercial Act or any other Acts and subordinate statutes.
CHAPTER IX TRANSFER INTO CAPITAL
| Article 28 (Revaluation Reserves) |
| (1) | Where a corporation has conducted a revaluation, it shall reserve the balance left after deducting the deficit, brought forward on the balance sheet up to one day before the revaluation date, from the revaluation spread as revaluation reserves. |
| (2) | Revaluation reserves shall not be appropriated elsewhere except where it comes to fall under each of the following subparagraphs: Provided, That where there are remainders with regard to subparagraph 2, the remainders may be calculated as profit for the business year that ends after the revaluation date: <Amended by Act No. 2683, Dec. 21, 1974> |
| 1. | Payment of revaluation tax; |
| 2. | Transfer into capital; |
| 3. | Compensation for deficits brought forward on the balance sheet incurred after the revaluation date; |
| 4. | Pecuniary offsetting for the adjustment accounts for foreign exchange rates. |
| (3) | With regard to the proviso of paragraph (2), the amount of money calculated as profit shall not be deemed to be profit for the purpose of computation of income under the provisions of the Corporate Tax Act. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 29 (Increase or Decrease of Revaluation Reserves) |
If a revaluation spread determined in accordance with the provisions of Article 17 (1) or 65 of the Framework Act on National Taxes (including the application of the same Article mutatis mutandis under Article 81) is different from the amount reported, the difference shall be taken from or deposited into the revaluation reserves. <Amended by Act No. 2683, Dec. 21, 1974; Act No. 2939, Dec. 22, 1976>
| Article 30 (Transfer into Capital) |
| (1) | The amount to be transferred into capital under the provisions of Article 28 (2) 2 shall be the balance left after deducting the amount of money in each of the following subparagraphs from the amount of money calculated as the revaluation reserves: <Amended by Act No. 2683, Dec. 21, 1974; Act No. 5531, Apr. 10, 1998> |
| 1. | The amount of revaluation tax due; |
| 2. | The amount of deficit brought forward on the balance sheet incurred after the revaluation date; |
| 3. | The amount in the adjustment account for foreign exchange rates under the provisions of the Corporate Tax Act; |
| 4. | Deleted. <by Act No. 5531, Apr. 10, 1998> |
| (2) | Deleted. <by Act No. 2939, Dec. 22, 1976> |
| (3) | A person intending to make a transfer into capital in accordance with the provisions of paragraph (1) may obtain the issue of a certificate on an equivalent amount of transfer into capital in a manner as prescribed by Presidential Decree, and complete the transfer into capital and register it within three years from the date of determination under the provisions of Article 17 (1) or 65 of the Framework Act on National Taxes (including the application of the same Article mutatis mutandis in Article 81). <Amended by Act No. 2939, Dec. 22, 1976> |
| (4) | If he fails to make the transfer into capital under the provisions of paragraph (3), he shall separately make a transfer into capital in a manner as prescribed by the presidential Decree. In this case, the provisions of Article 37 (1) shall not apply. <Newly Inserted by Act No. 2123, Jul. 28, 1969; Act No. 5531, Apr. 10, 1998> |
| (5) | With regard to transferring revaluation reserves into capital under the provisions of paragraph (1), the amounts deducted under subparagraphs 2 and 3 shall be offset to the revaluation reserves, if any, that could not be transferred into capital; and the amount of money offset shall be calculated as pecuniary losses for the purpose of computation of income under the provisions of the Corporate Tax Act. <Newly Inserted by Act No. 2683, Dec. 21, 1974; Act No. 5531, Apr. 10, 1998> |
CHAPTER X SUPPLEMENTARY PROVISIONS
| Article 31 (Inquiry and Inspection) |
| (1) | Any public official charged with tax services may, if deemed necessary for the implementation of his duties such as conducting an investigation on revaluation tax, etc., ask questions of the persons falling under any of the following subparagraphs, investigate the account books, documents, other relevant materials, or order the submission thereof: |
| 1. | Taxpayers of revaluation tax; |
| 2. | Corporations upon which revaluation tax is not imposed in accordance with the provisions of Article 11; |
| (2) | Any public official conducting the inquiry or investigation under the provisions of paragraph (1) shall show the investigator identification to the persons concerned. |
[This Article Wholly Amended by Act No. 5531, Apr. 10. 1998]
| Article 32 (Special Cases for Foreign Corporations) |
With respect to a corporation having the head office or principal office outside of Korea, the provisions of Articles 25 and 27 shall not apply.
| Article 33 (Special Cases of Income Computation concerning Revaluation Spread, etc.) |
| (1) | Revaluation spread shall not be calculated in the account of profits or gains for the purpose of the computation of income under the provisions of the Corporate Tax Act or the Income Tax Act: Provided, That the revaluation spread of land under the provisions of Article 13 (1) 3 shall be calculated as profit for the purpose of the computation of income under the provisions of the Income Tax Act, but as prescribed in the same Acts, the amount of money corresponding to the concerned revaluation spread can be calculated as pecuniary losses. <Amended by Act No. 5531, Apr. 10, 1998> |
| (2) | After the revaluation on land for the first time which was acquired before December 31, 1983 and has not been revaluated since January 1, 1984, the loss on transfer incurred by transferring land shall not be calculated as pecuniary losses for the purpose of the computation of income for the business year to which the transfer date belongs. <Newly Inserted by Act No. 5331, Apr. 10, 1998> |
| (3) | Where the revaluation reserves have increased or decreased under the provisions of Article 29, the provisions of paragraph (1) shall apply mutatis mutandis to settlements concerning the amount of money increased or decreased. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 34 (Income Computation concerning Revaluation Tax) |
Revaluation tax paid or payable by a corporation or by an individual shall not be calculated as pecuniary losses or necessary expenses for the purpose of the computation of income under the provisions of the Corporate Tax Act or the Income Tax Act.
| Article 35 (Income Computation concerning Transfer into Capital) |
| (1) | Where a corporation has transferred revaluation reserves into capital in accordance with the provisions of Article 30 (1), the amount transferred shall not be calculated as profits for the purpose of the computation of income under the provisions of the Corporate Tax Act. |
| (2) | Deleted. <by Act No. 2683, Dec. 21, 1974> |
| Article 36 (Income Computation concerning Rejected Depreciation, etc.) |
| (1) | Rejected depreciation under the provisions of Article 8 (2) shall not be calculated as pecuniary losses or necessary expenses for the purpose of the computation of income under the provisions of the Corporate Tax Act or the Income Tax Act, by being considered to be terminated after the revaluation date. |
| (2) | The deficit brought forward, deducted from the revaluation spread under the provisions of Article 12, shall be calculated as pecuniary losses or necessary expenses for the purpose of the computation of income under the provisions of the Corporate Tax Act or the Income Tax Act. <Amended by Act No. 5454, Dec. 13, 1997> |
| Article 37 (Preclusion of Imposition of Registration Tax and Local Tax) |
| (1) | With respect to registration under the provisions of Article 30 (3), registration license tax shall not be imposed thereon. <Amended by Act No. 10221, Mar. 31, 2010> |
| (2) | Local governments shall not impose value-added tax on revaluation tax, or local tax on the revaluation spread or revaluation reserves transferred into capital. <Amended by Act No. 5531, Apr. 10, 1998> |
| Article 38 Deleted. <by Act No. 5531, Apr. 10, 1998> |
| Article 39 (Penal Provisions) |
With respect to an act of violating regulations concerning revaluation tax, the Punishment of Tax Evasion Act shall apply.
| Article 40 (Enforcement Decree) |
Necessary matters pertaining to the enforcement of this Act shall be prescribed by the Presidential Decree.
| Article 41 (Application Deadline) |
This Act shall apply where the revaluation report is finished by December 31, 2000.
[This Article Newly Inserted by Act No. 5531, Apr. 10, 1998]
ADDENDA
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Repeal of Another Act) The Special Measures Act on Assets Revaluation, promulgated as Act No. 1076, shall be abrogated. |
| (3) | (Transitional Measures) With respect to revaluation tax imposed or to be imposed in accordance with the provisions of the Special Measures Act on Assets Revaluation at the time of enforcement of this Act, the former shall apply. |
| (4) | (Idem) No person who has conducted a revaluation in accordance with the provisions of the Special Measures Act on Assets Revaluation shall conduct a revaluation prescribed in this Act within two years from the revaluation date prescribed in the same Act. |
| (5) | (Idem) For the year of 1965 only, a corporation may set the day following that of the lapse of a prepayment period under Article 17 (1) of the Corporate Tax Act as the revaluation date, notwithstanding the provisions of Article 4. |
ADDENDUM <Act No. 1755, Mar. 8, 1966>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 2123, Jul. 28, 1969>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Application) As for the provisions of Article 30 (4), this Act shall apply even to revaluation reserves which have not been transferred into capital in accordance with the previous provisions, at the time of enforcement of this Act. |
| (3) | (Idem) The provisions of Article 38 shall apply from the first revaluation date after the enforcement of this Act. |
ADDENDA <Act No. 2317, Dec. 28, 1971>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Application) The provisions of Articles 18 and 38 shall apply from the first revaluation date after the enforcement of this Act. |
ADDENDA <Act No. 2479, Feb. 6, 1973>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Application) The provisions of Article 4 (2) shall apply until December 31, 1973. |
ADDENDA <Act No. 2683, Dec. 21, 1974>
| (1) | (Enforcement Date) This Act shall enter into force on January 1, 1975. |
| (2) | (General Application) This Act shall apply from the first revaluation date after the enforcement of this Act. |
| (3) | (Application Concerning Transfer into Capital) The provisions of Article 28 (2) shall apply from revaluation reserves on deposit as of the enforcement date of this Act, and the provisions of Article 30 (1) shall apply to those for which an application for issue of a certificate of amount equivalent to transfer into capital is first filed after the enforcement of this Act. |
| (4) | (Application on Income Computation concerning Transfer into Capital) The provisions concerning the deletion of Article 35 (2) shall apply to revaluation reserves first transferred into capital after enforcement of this Act. |
ADDENDA <Act No. 2939, Dec. 22, 1976>
| (1) | (Enforcement Date) This Act shall enter into force on January 1, 1977. |
| (2) | (Application) This Act shall apply from the first revaluation date after the enforcement of this Act. |
| (3) | (Transitional Measures) Where any appeal for review has been filed in accordance with the previous provisions at the time of the entry into force of this Act, it shall be processed according to the previous provisions. |
ADDENDA <Act No. 3724, Apr. 10, 1984>
Article 1 (Enforcement Date)
This Act shall enter into force on September 1, 1984.
Articles 2 through 25 Omitted.
ADDENDA <Act No. 4803, Dec. 22, 1994>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on January 1, 1996. (Proviso Omitted.) |
Articles 2 through 13 Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998.
ADDENDA <Act No. 5531, Apr. 10, 1998>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Application) The amended provisions of this Act shall apply to revaluation cases that are supposed to be revaluated for the first time after the promulgation of this Act. |
| (3) | (Limitation of Revaluation) After the enforcement of this Act, a person who has revaluated assets once shall not conduct revaluation again. |
| (4) | (Special Case in Revaluation Date) Corporations having June 30 or December 31 as their closing date of the business year may, notwithstanding the provisions of Article 4, set the date of June 1, 1998 as the revaluation date and conduct revaluation. <Newly Inserted by Act No. 5542, May 25, 1998> |
ADDENDUM <Act No. 5542, May 25, 1998>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 5559, Sep. 16, 1998>
Article 1 (Enforcement Date)
This Act shall enter into force two months after the date of its promulgation.
Articles 2 through 9 Omitted.
ADDENDA <Act No. 5581, Dec. 28, 1998>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1999. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDA <Act No. 5584, Dec. 28, 1998>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1999. (Proviso Omitted.)
Articles 2 through 19 Omitted.
ADDENDA <Act No. 7335, Jan. 14, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 12 Omitted.
ADDENDA <Act No. 10221, Mar. 31, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2011.
Articles 2 through 8 Omitted.
ADDENDA <Act No. 10281, May 14, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 Omitted.
ADDENDA <Act No. 13782, Jan. 19, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on September 1, 2016.
Articles 2 through 8 Omitted.
ADDENDA <Act No. 13796, Jan. 19, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on September 1, 2016.
Articles 2 through 4 Omitted.