Article 69-3 (Reduction or Exemption of Capital Gains Tax on Farmland, etc.)

With respect to income generated from the transfer of farmland, etc., which a resident prescribed by Presidential Decree, residing in the location of the farmland, etc., has directly used for fishing for at least 8 years by the method prescribed by Presidential Decree, by December 31, 2028, the tax amount equivalent to 100 percent of the capital gains tax shall be reduced or exempted. Provided, that if the farmland, etc., is incorporated into a residential area, etc., or if a designated pre-allotment parcel other than the farmland, etc., is received prior to the land readjustment disposition pursuant to the 「Act on the Development of Urban Areas and the Supply of Urban Housing」 or any other Act, the tax amount equivalent to 100 percent of the capital gains tax shall be reduced or exempted only for the income generated up to the date of incorporation into a residential area, etc., or the date of designation as a pre-allotment parcel, as prescribed by Presidential Decree. <Amended by Act No. 15971, Dec. 24, 2018, Act No. 17773, Dec. 29, 2020, Act No. 18717, Dec. 31, 2022, Act No. 19158, Dec. 23, 2025>

When applying paragraphs (1) and (2), the holding period of farmland, etc., the calculation method of the reduced or exempted tax amount, and other necessary matters shall be prescribed by Presidential Decree.