Regulation for Encouraging Joint Stock Companies Limited to Invest in Construction of New Towns Article 2

The investment in construction of new towns as mentioned in Paragraph 1, Article 14 of the Act refers to the investment made by joint stock companies limited in public works, dwelling houses, and commercial, industrial and other urban service facilities within areas where the new town land planning and allocation has been finished.The total investment as mentioned in Subparagraph 1, Paragraph 1, Article 14 of the Act refers to the total investment in the machines and equipments newly purchased for construction according to the approved investment and construction plan and for which investment allowances are not applied. The reduction of the profitable undertaking income tax payable in the year as mentioned in Subparagraph 1, Paragraph 1, Article 14 of the Act refers to reduction of the payable tax calculated by the taxation department according to the operating revenue and the statutory tax rate. The exemption of land value tax in construction period as mentioned in Subparagraph 3, Paragraph 1, Article 14 of the Act refers to exemption of the land value tax from the taxation year of the commence date as prescribed in the approved investment and construction plan to the taxation year of the completion date. The very year of completion of new town land planning and allocation as mentioned in Paragraph 2, Article 14 of the Act refers to the very year of the date completing collation and registration of the cadastre for a piece of land that a joint stock company limited invests in.