Income Tax Act Article 4-3

Where a profit-seeking enterprise provides property for the purpose of formation of, or contribution to, or participation in any of the following charitable trusts, the value of the beneficiaries' entitlement to the benefits distributable to them under the said charitable trust shall be exempt from assessment of income tax and from application of the provisions of Article 3-2 and the proviso set out in Subparagraph 17, Paragraph 1, Article 4 of this Act:1. A charitable trust, the trustee thereof is a trust business operator as defined in the Trust Business Act;2. A charitable trust which will not pay special benefit in any manner to any specific person or any person who may be designated as a specific person, except for payment of the expenses which must be made to an enterprise incorporated in realizing the creation objective of the said charitable trust; and3. A trust property which, according to the provisions of the trust deed thereof, will be transferred to a government authority at a specific level, or a charitable juristic person or charitable trust having a similar objective upon the cancellation, termination or extinguishment of such trust deed.