Regulations on Tax Reduction Encouragement for Introduction of Industries into New Towns Article 13

Where a landownership holder purchases a piece of land required for operating in the industry favorable for development of new towns within the range allocated under Article 3, and applies for refund of the land value increment tax already paid according to Subparagraph 2, Paragraph 1, Article 24 of the Act, the landownership holder shall submit the contract documents of the sold and re-purchased land once used for registration at the department of land administration as well as the Photostat copies of the related certificates for refund of tax upon re-purchasing, to the competent tax authority at the location of the originally sold land to apply for disposal.Where the re-purchased land is not in a same municipality or county (city) with the sold land, the competent tax authority that deals with the application for refund of tax shall send an official letter to invite the competent tax authority at the location of the re-purchased land to verify the documents before to handle the case, and shall inform the competent tax authority at the location of the re-purchased land about the related data after the application for tax refund is approved.Every year the competent tax authority shall keep a record of and periodically inspect the above-mentioned cases for which refund of tax is approved. In case it is found the re-purchased land is transferred again or it is deemed that the land is turned to industries beyond the range of encouragement within five years as determined by the relevant competent authorities, the originally refunded land value increment tax shall be refunded.