The taxpayer of estate tax or gift tax shall, within two months from the date of receiving the tax notice, pay the tax due, and if necessary, may apply to the competent tax authority for an extension of two months before the prescribed deadline.
In cases where the estate tax or gift tax payable amounts to $300,000 or more, and the taxpayer has difficulty paying the full amount in cash, the taxpayer may apply to the competent tax authority before the prescribed payment deadline for payment by eighteen (18) installments with an interval of no more than two months between each installment.
In cases where payment by installments has been approved by the tax authority, interest on the balance due calculated at the fixed interest rate for the one-year term postal savings deposit shall accrue from the next day of the prescribed payment deadline to the date of each payment.
When there is change in interest rate, the new interest rate shall apply. In cases where the estate tax or gift tax payable amounts to $300,000 or more, and the taxpayer has difficulty paying the full amount in cash, he or she may apply for permission to pay the deficient part of the tax in full by surrendering the taxed property which is located in the ROC or other easily cashable or storable property which is owned by the taxpayer. In case the tax property is not easily cashable or storable in the ROC, or the prevailing value on the date of application is lower than that on the date of death or the date of gift, the amount of tax which may be offset by such property shall be limited to the ratio of its value to the value of the total assessed property.
The amended provisions as detailed in paragraphs 2, 3, and 4 shall apply to unsettled cases which occurred prior to the amendment of this Act on 12th January, 2009; provided, however, that if the provisions prior to the amendment are more favorable to the taxpayer(s), such provisions prior to the amendment shall apply.
The valuation of the surrendered property according to Paragraph 4 of this Article shall be prescribed by the Ministry of Finance.
Where the property for paying estate tax in kind is jointly owned in common by the heirs under the Paragraph 4, and that property is solely owned by the decedent or with others in co-ownership, the application for estate tax payment may be submitted by the consent of half of the heirs whose holding of entitled portion is more than half of the total, or when over two-thirds of the entitled portion of the heirs declare their consent in writing.It shall not apply to the Paragraph 3 of Article 828 of the Civil Code.