For tax purposes, the estate of the decedent shall be valued according to the prevailing value at the time of death or prevailing value on the date of death as indicated in the adjudication of the court; the property transferred by gift shall be valued according to its prevailing value on the date of gift.
For cases where the event of death or gift occurred prior to the amendment of this Article on 15 January, 1995, the amended provisions in paragraph 1 shall apply to the valuation of the estate or gift which is not yet taxed or where taxation is not yet determined.
The “prevailing value” depicted in paragraph 1 hereof shall mean the government assessed value as published from time to time or the assessed standard price in the case of land, or the assessed standard price in the case of houses; the rules to determine the prevailing value of other objects not specified in this Act shall be prescribed by the Ministry of Finance.