Article 99 (Calculation of Standard Value)

The standard value under Article 100 and Article 114, Paragraph 7 shall be determined as prescribed by the following subparagraphs. <Amended on May 28, 2013, December 23, 2014, January 19, 2016, December 20, 2016, December 19, 2017, December 31, 2019, December 29, 2020, December 31, 2024> 1. Land or buildings under Article 94, Paragraph 1, Subparagraph 1. a. Land The officially announced individual land price under the "Act on the Public Announcement of Real Estate Prices" (hereinafter referred to as "officially announced individual land price"). However, the value of land for which there is no officially announced individual land price shall be an amount appraised by the head of the tax office having jurisdiction over the place of tax payment according to the method prescribed by Presidential Decree, considering the officially announced individual land price of similar nearby land, and in the case of areas designated by Presidential Decree as areas where land prices are rapidly rising, it shall be a value appraised by the multiplier method. b. Buildings The value appraised and announced at least once a year by the Commissioner of the National Tax Service, considering the construction cost, structure, use, location, year of construction, etc., of buildings (excluding buildings falling under items c and d). c. Officetels and commercial buildings For officetels (including land attached thereto) and commercial buildings (including land attached thereto) that are owned jointly for the land attached to the buildings and where the buildings are separately owned, the value appraised and announced jointly for land and buildings at least once a year by the Commissioner of the National Tax Service, considering the type, scale, transaction conditions, location, etc., of the buildings, as prescribed by Presidential Decree. d. Housing The individual housing price and joint housing price under the "Act on the Public Announcement of Real Estate Prices". However, in the case of joint housing price, if there is a joint housing price determined and announced by the Commissioner of the National Tax Service in accordance with the proviso of Article 18, Paragraph 1 of the same Act, that price shall apply, and the price of housing for which there is no individual housing price and joint housing price shall be an amount appraised by the head of the tax office having jurisdiction over the place of tax payment according to the method prescribed by Presidential Decree, considering the individual housing price and joint housing price of similar nearby housing. 2. Rights related to real estate under Article 94, Paragraph 1, Subparagraph 2. a. Rights to acquire real estate The value appraised by the method prescribed by Presidential Decree, considering the type, scale, transaction conditions, etc., of the transferred asset. b. Superficies, leasehold, and registered leasehold of real estate The value appraised by the method prescribed by Presidential Decree, considering the remaining period, nature, content, and transaction conditions of the rights. 3. Stocks, etc. under Article 94, Paragraph 1, Subparagraph 3 (a) (only those prescribed by Presidential Decree among stocks, etc. of listed companies prescribed by Presidential Decree). The value appraised by applying Article 63, Paragraph 1, Subparagraph 1 (a) of the 「Law on Inheritance and Gift Tax」. In this case, "each of the two months before and after the valuation base date" shall be deemed "one month before the date of transfer or acquisition". 4. Among stocks, etc. of listed companies prescribed by Presidential Decree under Subparagraph 3, those not falling under Subparagraph 3, and stocks, etc. under Article 94, Paragraph 1, Subparagraph 3 (b). The value appraised by applying Article 63, Paragraph 1, Subparagraph 1 (b) of the 「Law on Inheritance and Gift Tax」. In this case, the valuation base date and appraised value shall be as prescribed by Presidential Decree, but if the standard value at the time of acquisition cannot be confirmed due to loss of books, etc., the face value shall be the standard value at the time of acquisition. 5. Subscription rights for new shares under Article 94, Paragraph 1, Subparagraph 3. The value appraised by the method prescribed by Presidential Decree, considering the type, scale, transaction conditions, etc., of the transferred asset. 6. Other assets under Article 94, Paragraph 1, Subparagraph 4. The value appraised by the method prescribed by Presidential Decree, considering the type, scale, transaction conditions, etc., of the transferred asset. 7. Derivatives, etc. under Article 94, Paragraph 1, Subparagraph 5. The value appraised by the method prescribed by Presidential Decree, considering the type, scale, transaction conditions, etc., of derivatives, etc. 8. Trust beneficial rights under Article 94, Paragraph 1, Subparagraph 6: The value appraised by applying Article 65, Paragraph 1 of the 「Law on Inheritance and Gift Tax」. In this case, the valuation base date and appraised value shall be as prescribed by Presidential Decree.

Matters necessary for calculating the standard value of the following subparagraphs shall be prescribed by Presidential Decree, considering the type of building, transaction conditions, whether the standard value has been announced, etc. <Amended on January 19, 2016, December 31, 2019> 1. The standard value at the time of transfer, calculated according to Paragraph 1, if it is the same as the standard value at the time of acquisition. 2. The standard value at the time of acquisition of land and housing acquired before the officially announced individual land price, individual housing price, or joint housing price is publicly announced or notified under the "Act on the Public Announcement of Real Estate Prices". 3. The standard value at the time of acquisition of buildings acquired before the standard value under Subparagraph 1 (b) of Paragraph 1 is announced. 4. The standard value at the time of acquisition of officetels (including land attached thereto), commercial buildings (including land attached thereto), or joint housing acquired before the standard value under Subparagraph 1 (c) or the proviso of Subparagraph 1 (d) of Paragraph 1 is announced.

When the Commissioner of the National Tax Service receives opinions from owners or other interested parties according to Paragraph 4, the results of processing such opinions shall be notified within 30 days from the expiration date of the opinion submission period.