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STATUTES

THE REPUBLIC OF KOREA

Volume

GROSS REAL ESTATE TAX ACT

Act No. 7328, Jan. 5, 2005

Amended by Act No. 7836, Dec. 31, 2005

Act No. 8235, Jan. 11, 2007

Act No. 8435, May 17, 2007

Act No. 8830, Dec. 31, 2007

Act No. 8852, Feb. 29, 2008

Act No. 9273, Dec. 26, 2008

Act No. 9555, Apr. 1, 2009

Act No. 9710, May 27, 2009

CHAPTER Ⅰ GENERAL PROVISIONS

Article 1 (Purpose)

The purpose of this Act is to contribute to balanced budgetary financing of local governments and sound development of the national economy through promotion of fairness in tax liabilities in relation to possession of real estate property and stabilization of real estate prices by levying gross real estate tax on persons possessing high-amount real estate property.

Article 1

Article 2 (Definitions)

The definitions of terms used in this Act shall be as follows: <Amended by Act No. 7836, Dec. 31, 2005>

1. The term "Si/Gun/Gu" means a Si/Gun/autotomous Gu (hereinafter referred to as a "Si/Gun") which is a local government under Article 2 of the Local Autonomy Act;

2. The term "head of a Si/Gun/Gu" means the head of a Si/Gun/autotomous Gu (hereinafter referred to as the "head of a Si/Gun" who are the head of local governments;

3. The term "housing" means housing under subparagraph 3 of Article 180 of the Local Tax Act: Provided, That a villa under Article 112 (2) 1 of the same Act shall be excluded;

4. The term "land" means land under subparagraph 1 of Article 180 of the Local Tax Act;

5. The term "housing property tax" means a property tax levied on housing pursuant to Articles 181 and 183 of the Local Tax Act;

6. The term "land property tax" means a property tax levied on land pursuant to Articles 181 and 183 of the Local Tax Act;

Article 2

7. Deleted; <by Act No. 7836, Dec. 31, 2005>

8. The term "household" means any family member who shares the same livelihood with an owner of housing or land and his/her spouse prescribed by Presidential Decree;

9. The term "publicly notified price" means publicly notified price prices which are publicly announced pursuant to the Public Notice of Values and Appraisal of Real Estate Act, in relation to housing and land, the prices of which are publicly notified under the same Act:in cases where prices are not publicly announced pursuant to the same Act, such prices shall be designated under Article 111 (2) 1 (proviso) and 2 of the Local Tax Act.

Article 3 (Date of Taxation)

The date of taxation for gross real estate tax shall be the date of taxation for property tax provided for in Article 190 of the Local Tax Act.

Article 4 (Place for Tax to be Paid)

(1) In cases where a taxpayer liable for gross real estate tax is an organization which is not deemed to be individual or corporation, the provisions of Article 6 of the Income Tax Act shall apply mutatis mutandis in determining a place for tax to be paid.

(2) In cases where a taxpayer liable to gross real estate tax is deemed to be

Article 3 ~ 4

a corporation or an organization, Article 9 (1) through (3) of the Corporate Tax Act shall apply mutatis mutandis in determining a place of tax payment.

(3) In cases where a taxpayer liable for gross real estate tax is a non-resident individual or foreign company, does not have a domestic place of business, and possesses housing and land, from which domestic source income is not accrued, a place of tax payment shall be a place where such housing and land are located (referring to the location of housing or land, the publicly notified land price of which is the highest in cases where two or more plots of housing or land exists). <Newly Inserted by Act No. 9273, Dec. 26, 2008>

Article 5 (Tax Classification and Amount of Tax)

(1) The amount of gross real estate tax shall be determined by summing up each amount of gross real estate tax levied, respectively, on housing and land.

(2) The amount of gross real estate tax on land shall be determined by summing up the amount of general aggregate tax on land under Article 14 (1) through (3) and the amount of special aggregate tax on land under paragraphs (4) through (6) of the same Article. <Amended by Act No. 7836, Dec. 31, 2005>

Article 6 (Non-taxation, etc.)

(1) The provisions on non-taxation, tax reduction or exemption of property taxes under the Local Tax Act, and the Restriction of Special

Article 5 ~ 6

Taxation Act (hereinafter referred to as "provision on property tax reduction and exemption") shall apply mutatis mutandis in imposing gross real estate tax.

(2) The provisions on property tax reduction and exemption under the Municipal Ordinance of a Si/Gun on reduction and exemption of property taxes under Articles 7 through 9 of the Local Tax Act shall apply mutatis mutandis in imposing gross real estate tax.

(3) In applying mutatis mutandis of the provisions on property tax reduction and exemption pursuant to paragraphs (1) and (2), the publicly notified price shall be determined by deducting the amount calculated by the publicly notified price multiplied by the exemption and reduction rate of property taxes (in cases of non-taxation or exemption of taxes, the rate shall be deemed 100/100) from the publicly notified price of eligible housing and land. <Amended by Act No. 7836, Dec. 31, 2005>

(4) In cases where it is deemed inappropriate to reduce the gross real estate tax under the provisions on property tax reduction and exemption or separate taxation provision pursuant to Municipal Ordinance of a Si/Gun on reduction and exemption of property taxes provided for in paragraph (2) for the purposes of imposing gross real estate tax, as prescribed by Presidential Decree, the provisions of paragraph (2) or the separate taxation provision thereof shall not apply in imposing the gross real estate tax.

CHAPTER Ⅱ TAXATION ON HOUSING

Article 6

Article 7 (Taxpayers)

(1) Any taxpayer who is liable for property taxes on housing as at the date of taxation, and whose aggregate of publicly notified prices of domestic housings subject to property tax exceeds 600 million won shall be liable to pay gross real estate tax. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(2) and (3) Deleted. <by Act No. 9273, Dec. 26, 2008>

Article 8 (Tax Base)

(1) The tax base for gross real estate tax on housing shall be determined by multiplying the fair market value ratio prescribed by Presidential Decree within the range from 60/100 to 100/100, in consideration of the real estate market situation, financial conditions, etc. by the amount which remains after deducting 600 million won from the aggregate amount of publicly notified housing price by each subjected taxpayer [in cases of one house per household prescribed by Presidential Decree, in which only one person among members of household owns the

Article 7 ~ 8

relevant housing as of the date of taxation (hereinafter referred to as "single house owner", the amount which remains after deducting 300 million won is subtracted from such aggregate amount: Provided, That in cases where the amount is smaller than zero, it shall be deemed zero. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(2) Housing falling under any of the following subparagraphs shall be deemed excluded in the scope of housing subject to aggregation of tax base under paragraph (1): <Newly Inserted by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

1. Housing prescribed by Presidential Decree, in consideration of the rental period, number of housing units, price, and scale, such as rental housing under subparagraph 1 of Article 2 of the Rental Housing Act or multi-family rental housing prescribed by Presidential Decree;

2. Housing, other than housing under subparagraph 1, prescribed by Presidential Decree which does not meet the purposes of imposing gross real estate tax, such as dormitory and employee housing for providing employees with a residence, houses not sold in lots which are constructed and owned by a housing construction business operator, home-based child

Article 8

care facility housing, a single housing, etc. located in areas, other than the Seoul Metropolitan Area under subparagraph 1 of Article 2 of the Seoul Metropolitan Area Readjustment Planning Act. In such cases, in cases of a single housing located in an area, other than the Seoul Metropolitan Area, it shall be limited to housing, for which tax liabilities are established during the period from January 1, 2009 to December 31, 2011.

(3) Any taxpayer who possesses the housing under paragraph (2) shall report his/her status of possession of the relevant housing to the head of the district tax office who has jurisdiction over the place for tax paid (hereinafter referred to as "head of the competent district tax office" between September 16th and September 30th of the relevant year, as prescribed by President Decree. <Newly Inserted by Act No. 8235, Jan. 11, 2007>

(4) In cases where applying paragraph (1), where a taxpayer owns a single housing (excluding cases where a taxpayer owns appurtenant land of housing only) and appurtenant land of other housing (referring to appurtenant land in cases where owners for a building of housing and appurtenant land thereof are different persons), he/she shall be deemed a single house owner. <Newly Inserted by Act No. 9710, May 27, 2009>

Article 9 (Tax Rate and Amount of Tax)

(1) The amount of tax of gross real estate tax on housing shall be the amount

Article 9

which is calculated by multiplying the tax bas by the following tax rates (hereinafter referred to as "amount of gross real estate tax on housing"):

(2) Deleted. <by Act No. 9273, Dec. 26, 2008>

(3) In calculating the tax base on housing, the amount of property taxes lived on housing (in cases where a tax rate adjusted downward or upward under Article 188 (3) of the Local Tax Act, referring to the amount of tax to which such tax rate applies; and in cases where upper limits on tax burden apply under Article 195-2 of the same Act, referring to the amount of tax subject to such upper limits) shall be deducted from the amount of gross real estate tax on housing. <Newly Inserted by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(4) In calculating the amount of gross real estate tax on housing, necessary matters concerning tax credit, etc. for the property tax on housing shall be determined by Presidential Decree. <Newly Inserted by Act No. 7836, Dec. 31, 2005>

Article 9

(5) In cases of amount of tax for gross real estate tax on housing for a taxpayer liable to gross real estate tax on housing who is a single house owner, the amount of tax shall be the amount which remains after deducting the amount of deduction granted to a single house owner under paragraph (6) or (7) from the amount of tax calculated under paragraphs (1), (3), and (4). In such cases, paragraphs (6) and (7) may apply concurrently. <Newly Inserted by Act No. 9273, Dec. 26, 2008>

(6) The amount of deduction for a single house owner above the age of 60 as of the date of taxation shall be determined by multiplying the amount of tax calculated in accordance with paragraphs (1), (3), and (4) [in cases where falling under Article 8 (4), the amount remaining after subtracting the amount of calculated tax (referring to the amount calculated by subtracting the amount of appurtenant land from the aggregate of publicly notified prices) for the appurtenant land of housing (referring to appurtenant land in cases where owners for a building of housing and appurtenant land thereof are different persons) from the amount of tax calculated in accordance with paragraphs (1), (3), and (4))] by the deduction rate under each age category in the following table. <Newly Inserted by Act No. 9710, May 27, 2009>

(7) The amount of deduction for a taxpayer who is a single house owner and has possessed the relevant housing for five years or longer as of the date of taxation shall be determined by multiplying the amount of tax calculated in accordance with paragraphs

Article 9

(1), (3), and (4) [in cae where falling under Article 8 (4), the amount remaining after subtracting the calculated amount of tax (referring to the amount calculated by subtracting the amount of appurtenant land from the aggregate of publicly notified prices) for the appurtenant land of housing (referring to appurtenant land in cases where owners for a building of housing and appurtenant land thereof are different persons) from the amount of tax calculated in accordance with paragraphs (1), (3), and (4))] by the deduction rate depending on a period of possession as listed in the following table: <Amended by Act No. 9710, May 27, 2009>

Article 10 (Upper Limits on Tax Burden)

In cases where the amount of taxes calculated in accordance with Presidential Decree, which is the aggregate of the amount equivalent to the property tax on housing and the amount equivalent to gross real estate tax on housing (hereafter referred to as "amount equivalent to total tax on housing" in this Article) the taxpayer subject to gross real estate tax is obliged to pay for the relevant year exceeds 150/100 of the amount equivalent to total tax on housing concerned of the immediately preceeding year computed in accordance with Presidential Decree, notwithstanding Article 9, the excess shall be deemed non-existent notwithstanding Article 9. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

CHAPTER Ⅲ TAXATION ON LAND

Article 10

Article 11 (Methods of Taxation)

The gross real estate tax on land shall be levied separately for domestic land by distinguishing between general aggregate taxable subject matter under Article 182 (1) 1 of the Local Tax Act (hereinafter referred to as "general aggregate taxable subject matter") and the special aggregate taxable subject matter under Article 182 (1) 2 of the same Act (hereinafter referred to as "special aggregate taxable subject matter").

Article 12 (Taxpayers)

(1) A taxpayer subject to property tax on land as of the date of taxation who falls under any of the following subparagraphs is liable to pay gross real estate tax on the relevant land: <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

1. In cases where the land is subject to general aggregate taxation, a person for whom the aggregate of publicly notified prices for the relevant taxable land which is domestically located exceeds 500 million won;

2. In cases where the land is subject to special aggregate taxation, a person for whom the aggregate of publicly notified prices

Article 11 ~ 12

for the relevant taxable land which is domestically located exceeds 8 billion won.

(2) Deleted. <by Act No. 9273, Dec. 26, 2008>

Article 13 (Tax Base)

(1) The tax base for gross real estate tax on land subject to general aggregate taxation shall be determined by multiplying the amount which remains after deducting 500 million won from the aggregate amount of publicly notified prices of relevant taxable lands by taxpayer by the fair market value ratio prescribed by Presidential Decree within a range from 60/100 to 100/100, in consideration of real estate market conditions, financial situations, etc. <Amended by Act No. 9273, Dec. 26, 2008>

(2) The tax base for gross real estate tax on land subject to special aggregate taxation shall be determined by multiplying the amount which remains after deducting 8 billion won from the aggregate amount of public notified prices of relevant taxable lands by taxpayer by the fair market value ratio prescribed by Presidential Decree within a range from 60/100 to 100/100, in consideration of real estate market conditions, financial situations, etc. <Amended by Act No. 9273, Dec. 26, 2008>

(3) In cases where

Article 13

the amount in paragraph (1) or (2) is less than zero, such amount shall be deemed zero.

Article 14 (Tax Rate and Amount of Tax)

(1) The amount of gross real estate tax on land subject to general aggregate taxation shall be an amount (hereinafter referred to as "amount of general aggregate tax on land") which is calculated by applying the following tax rates to the tax base:

(2) Deleted. <by Act No. 9273, Dec. 26, 2008>

(3) The amount of property tax imposed on the relevant taxable land (in cases where a tax rate adjusted downward or upward under Article 188 (3) of the Local Tax Act, referring to amount of tax to which such tax rate applies; and in cases where upper limits on tax burden apply under Article 195 (2) of the same Act, referring to the amount of tax subject to such upper limits) with regard to the tax base for land subject to general aggregate taxation shall be deducted from the amount of general aggregate tax on land. <Newly Inserted by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(4) The amount of gross real estate tax on land subject to special aggregate taxation shall be an amount (hereinafter referred to as "amount of special aggregate tax on land") which is calculated by applying the following tax rates to the tax base.

(5) Deleted. <by

Article 14

Act No. 9273, Dec. 26, 2008>

(6) In calculating the tax base for land subject to special aggregate taxation, the amount of property tax imposed on the relevant taxable land (in cases where a tax rate adjusted downward or upward under Article 188 (3) of the Local Tax Act, referring to amount of tax to which such tax rate applies; and in cases where upper limits on tax burden apply under Article 195-2 of the same Act, referring to the amount of tax subject to such upper limits) shall be deducted from the amount of special aggregate tax on land. <Newly Inserted by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(7) Necessary matters regarding tax credit, etc. for property tax on land in calculating amount of gross real estate tax on land shall be determined by Presidential Decree. <Newly Inserted by Act No. 7836, Dec. 31, 2005 >

Article 15 (Upper Limits on Tax Burden)

(1) In cases where the amount of taxes calculated in accordance with Presidential Decree, which is the aggregate of the amount equivalent to the property tax on housing and the amount equivalent to general aggregate tax on land (hereafter referred to as "amount equivalent to total tax on land subject to general aggregate taxation" in this Article) a taxpayer subject to gross real estate tax is obliged to pay in relation to land subject to general aggregate taxation for the relevant year exceeds 150/100 of the amount equivalent to total tax on the relevant land subject to general aggregate taxation of the immediately

Article 15

preceeding year computed in accordance with Presidential Decree, notwithstanding Article 14 (1), the excess shall be deemed non-existent. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

(2) In cases where the amount of taxes calculated in accordance with Presidential Decree, which is the aggregate of the amount equivalent to the property tax on housing and the amount equivalent to special aggregate tax on land (hereafter referred to as "amount equivalent to total tax on land subject to special aggregate taxation" in this Article) a taxpayer subject to gross real estate tax is obliged to pay in relation to land subject to special aggregate taxation for the relevant year exceeds 150/100 of the amount equivalent to total tax on the relevant land subject to separate aggregate taxation of the immediately preceeding year computed in accordance with Presidential Decree, notwithstanding Article 14 (4), the excess shall be deemed non-existent. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 9273, Dec. 26, 2008>

CHAPTER Ⅳ IMPOSITION, COLLECTION, ETC.

Article 16 (Imposition, Collection, etc.)

(1) The head of the competent district tax office shall determine the due amount of gross real estate tax, impose and collect the taxes during the period of December 1st through December 15th of the relevant year (hereinafter referred to as "payment period").

(2) Where the

Article 16

head of the competent district tax office intends to collect gross real estate taxes he/she shall indicate the tax base and the amount of tax on the notice of tax payment by distinguishing between housing and land, and issue such notice five days prior to the commencement of payment period.

(3) Notwithstanding paragraphs (1) and (2), a taxpayer who intends to pay gross real estate tax on a self-assessment basis shall report the tax base of gross real estate tax and the amount of tax to the head of the competent district tax office by the period of December 1 through December 15 of the relevant year, as prescribed by Presidential Decree. In such cases, decisions made under paragraph (1) shall be deemed non-existent.

(4) A taxpayer who filed a tax return under paragraph (3) shall pay gross real estate tax to the head of district tax office, the Bank of Korea or post office within a payment deadline in accordance with Presidential Decree.

(5) Necessary matters concerning imposition procedures and collection of gross real estate tax under paragraphs (1) and (2) shall be determined by Presidential Decree.

[This Article Wholly Amended by Act No. 8235, Jan. 11, 2007]

Article 17 (Determination and Reassessment)

(1) In cases where it is necessary to newly impose gross real estate tax due

Article 17

to omission from subject to taxation, violation of law, errors, etc. or to reassess taxes already imposed, the head of the competent district tax office or the commissioner of competent regional tax office (hereinafter referred to as the "head of competent regional tax office") may re-impose or re-collect taxes. <Amended by Act No. 8235, Jan. 11, 2007>

(2) In cases where any ommission or error exists in tax returns filed by a person who has reported pursuant to Article 16 (3), the head of the competent district tax office or the head of competent regional tax office shall reassess the tax base and the amount of taxes for the current year. <Amended by Act No. 8235, Jan. 11, 2007>

(3) In cases where any ommission or error is found in determined or reassessed tax base and amount of tax after such determination and reassessment are made, the head of the competent district tax office or the head of competent regional tax office shall reassess the same. <Amended by Act No. 9273, Dec. 26, 2008>

(4) In cases where grounds for reassessment under paragraphs (2) and (3) fall under grounds for changing the amount of tax of property taxes or for occasional assessment under Article 191 (2) of the Local Tax Act, the head of the competent district tax office or the head of competent regional tax office shall reassess the tax base and amount of tax of gross real estate tax in accordance with Presidential Decree. <Amended by Act No. 9273, Dec. 26, 2008>

Article 17

(5) In cases where rental housing under Article 8 (2) 1 or home-based child care facility housing under subparagraph 2 of the same paragraph which are excluded from the category of housing subject to aggregation of tax base under Article 8 (2) fail to meet such requirements for the exclusion afterwards, the head of the competent district tax office or the head of competent regional tax office shall additionally collect the amount of taxes which have been reduced pursuant to Presidential Decree and the corresponding amount of interest. <Newly Inserted by Act No. 9273, Dec. 26, 2008>

Article 18 Deleted. <by Act No. 8235, Jan. 11, 2007>

Article 19 (Payment in Kind)

In cases where the amount of gross real estate tax exceeds ten million won, the head of the competent district tax office may allow taxpayers to pay in kind, as prescribed by Presidential Decree.

Article 20 (Payment in Installment)

In cases where the amount of gross real estate tax exceeds five million won, the head of the competent district tax office may allow a taxpayer to pay, in part, his/her due taxes in installment within two months from the date on which the payment deadline expires, as prescribed by Presidential Decree. <Amended by Act No. 9273, Dec. 26, 2008>

CHAPTER Ⅴ SUPPLEMENTARY PROVISIONS

Article 18 ~ 20

Article 21 (Provision of Taxation Data)

(1) Among property taxation data for the relevant year under the Local Tax Act, the head of a Si/Gun shall submit the property taxation data on housing to the Minister of Land, Transport and Maritime Affairs by July 31, and the property taxation data on land by September 30 to the same Minister: Provided, That in cases where grounds for changing the amount of property tax or occasional assessment under Article 191 (2) of the Local Tax Act occur, the head of a Si/Gun shall semi-annually submit such taxation data to the Minister Land, Transport and Maritime Affairs within ten days from the date each half-year term ends. <Amended by Act No. 8852, Feb. 29, 2008>

(2) The Minister of Land, Transport and Maritime Affairs shall conduct audit for taxpayers subject to gross real estate tax on housing prescribed in Article 7, calculate the tax base and the amount of tax by taxpayer, and notify the results thereof to the Commissioner of National Tax Service by August 31 of each year, as prescribed by Presidential Decree. <Amended by Act No. 8852, Feb. 29, 2008>

(3) The Minister of Land, Transport and Maritime Affairs shall conduct audit for taxpayers subject to gross real estate tax on land under Article 12, calculate the tax base and the amount of tax by liable taxpayer, and notify the Commissioner of National Tax Service of the result thereof by October 15 of each year, as prescribed by Presidential Decree. <Amended by Act No. 8852, Feb. 29, 2008; Act No. 9273, Dec. 26, 2008>

Article 21

(4) In cases where any reason occurs for changing the amount of property taxes under Article 191 (2) of the Local Tax Act or occasional assessment, the Minister of Land, Transport and Maritime Affairs shall re-calculate the tax base and amount of tax for property tax and gross real estate tax on housing or land subject to property tax by taxpayer liable to property tax, and notify the Commissioner of the National Tax Service of the result thereof by the end of two months after the month to which the relevant quarter belongs one under Presidential Decree. <Amended by Act No. 7836, Dec. 31, 2005; Act No. 8852, Feb. 29, 2008; Act No. 9273, Dec. 26, 2008>

(5) The Minister of Land, Transport and Maritime Affairs shall notify the Commissioner of National Tax Service of taxation data on property taxes submitted by the heads of a Si/Gun under paragraph (1) within ten days from the date specified in paragraph (1). <Amended by Act No. 7836, Dec. 31, 2005; Act No. 8852, Feb. 29>

(6) In cases where necessary for identifying, etc. members of household of a taxpayer liable to gross real estate tax, the Minister of Land, Transport and Maritime Affairs or the Commissioner of National Tax Service may request the head of related institutions to submit the electronic data of familial relationship registration, and, in turn, the head of related institutions requested to submit documents shall comply with such request unless any justifiable ground exists to the contrary. <Newly

Article 21

Inserted by Act No. 8235, Jan. 11, 2007; Act No. 8435, May 17, 2007; Act No. 8852, Feb. 29, 2008>

Article 22 (Obligation of Cooperation of Heads of Si/Gun)

(1) The head of the competent district tax office or the commissioner of competent regional tax office may request opinions from the heads of Sis/Guns with jurisdiction over taxable subject matters in connection with taxation of gross real estate tax, as prescribed by Presidential Decree.

(2) The heads of Sis/Guns who received inquires to submit opinions under paragraph (1) shall reply to the head of the competent district tax office or the commissioner of competent regional tax office within 20 days from the receipt of such inquiries of opinions, as prescribed by President Decree.

Article 23 (Questions and Examination)

Any public official engaged in activities related with gross real estate tax may, in cases where necessary to conduct his/her official activities, ask questions to a person falling under any of the following subparagraphs, examine book records, documents, and other articles, or order such person to submit such book records, documents and other articles:

1. A taxpayer or a person who is deemed to have tax liabilities;

2. A person responsible for business or management under Article 109

Article 22 ~ 23

(2) 3 of the Corporate Tax Act;

3. A person who is deemed to have transactional relations with persons prescribed in subparagraph 1.

Article 24 (Perusal, etc. of Sales, Registry and Registration Relation Documents)

In cases where the head of the competent district tax office, the commissioner of the competent regional tax office or any tax official to whom authority is delegated makes a request for perusal or copies in relation to sales, registry, registration, and other status of taxable subject matters, such as housing, land, etc. for the purposes of imposing gross real estate tax and collecting thereof, the related institutions shall comply with such request.

Article 25 Deleted. <by Act No. 8830, Dec. 31, 2007>

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation.

Article 2 (General Applicability)

This Act shall apply to gross real estate taxes for which first tax liabilities are established after this Act enters into force.

Addenda

Article 3 Deleted.

Article 4 Omitted.

ADDENDA <Act No. 7836, Dec. 31, 2005>

(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation

(2) (General Applicability) This Act shall apply beginning from the first case for which tax liabilities are established after this Act enters into force.

ADDENDA <Act No. 8235, Jan. 11, 2007>

(1) (Enforcement Date) This Act shall enter into force on January 1, 2008.

(2) (General Applicability) This Act shall apply beginning from the first case for which tax liabilities are established after this Act enters into force.

ADDENDA <Act No. 8435, May 17, 2007>

Article 1 (Enforcement Date)

This Act shall enter into force on January 1, 2008. (Proviso Omitted.)

Articles 2 through 9 Omitted.

Addenda

ADDENDA <Act No. 8830, Dec. 31, 2007>

Article 1 (Enforcement Date)

This Act shall enter into force on January 1, 2008. (Proviso Omitted.)

Articles 2 through 5 Omitted.

ADDENDA <Act No. 8852, Feb. 29, 2008>

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)

Articles 2 through 7 Omitted.

ADDENDA <Act No. 9273, Dec. 26, 2008> <Amended by Act No. 9555, Apr. 1, 2009>

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation.

Article 2 (General Applicability)

This Act shall apply beginning from the first case for which tax liabilities are established after this Act enters into force.

Addenda

Article 3 (Special Applicability concerning Application Rate of Tax Base)

(1) The amount of gross real estate tax on housing for which tax liability is established in the year to which the promulgation date of this Act belongs shall be determined by multiplying the tax base under the provisions of previous Article 8 by an application rate of 80/100 and a tax rate under the provisions of previous Article 9 (1).

(2) The amount of gross real estate taxes on land subject to general aggregate taxation for which tax liability is established in the year to which the promulgation date of this Act belongs shall be determined by multiplying the tax base under the provisions of previous Article 13(1) by an application rate of 80/100 and a tax rate under the provisions of previous Article of 14 (1).

Article 4 (Applicability concerning Tax Credit for Single House Owner)

The amended provisions of Article 9 (5), (6) and (7) shall apply beginning from first case for which tax liability is established in the year to which the promulgation date of this Act belongs.

Article 5 (Applicability concerning Upper Limits on Tax Burden)

The amended provisions

Addenda

of Articles 10 and 15 shall apply beginning from first case for which tax liability is established in the year to which the promulgation date of this Act belongs.

Article 6 (Applicability concerning Tax Payment in Installment)

The amended provisions of Article 20 shall apply beginning from the first tax returns, determination of taxation and reassessment performed with regard to gross real estate tax after this Act enters into force.

Article 7 (Applicability concerning Provision of Taxation Documents)

The amended provisions of Article 21 shall apply beginning from the first taxation documents provided after this Act enters into force.

Article 8 (Applicability concerning Tax Rate and Amount of Tax)

In cases where sArticle 9 (3) applies to cases for which tax liability is established as of June 1, 2008, the provisions of Articles 187 (including Article 5 of the Addenda of the partial Amendments to the Local Tax Act, Act No. 7843) and 195-2 of the Local Tax Act before the revision made by the partial Amendments to the Local Tax Act, No. 9422 shall apply.

[This Article Newly Inserted by Act No. 9555, Apr. 1, 2009]

Addenda

ADDENDUM <Act No. 9555, Apr. 1, 2009>

This Act shall enter into force on the date of its promulgation.

ADDENDA <Act No. 9710, May 27, 2009>

(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.

(2) (General Applicability) This Act shall apply beginning with first case for which tax liability is established in the year to which the promulgation date of this Act belongs.

Addenda