For the decedent’s estate or gift in a foreign country subject to tax payment obligation pursuant to the provisions of Article 1 and Article 3 of the Act, the Ministry of Finance may entrust the ROC Embassy in the location where such estate is inherited or the gift is made for the valuation of said estate or gift; where in absence of an embassy, local public accounts or notaries may be engaged for property valuation.

The value of timber shall be determined according to its type, quantity, and the current price of the woodland.

For movables including jewelries, antiques, artworks, books, and other objects of which the market price cannot be easily determined, experts may be hired for valuation.

For vehicles, vessels, and aircrafts, the value shall be determined by deducting a reasonable depreciation amount from the original cost. In the event of failure to present the proof of original cost or where apparent inconsistency exists between the proof of original cost presented and the facts, the value may be determined according to the year model and the actual usage of the item concerned.

The value of a debt shall equal its amount. For debts bearing a pre-agreed interest rate, the amount of interest accrued for the period to the date of death of the decedent or the date on which the act of giving took place shall be added in determining the value of the debt.

The valuation of marketable securities having already being traded on a stock exchange (hereinafter exchange listed) or over the counter of securities houses (hereinafter OTC listed, or emerging company) shall be based upon the closing price of the exchange listed securities or the OTC listed securities on the date of inheritance or gift, or the weighted average dealing price on the date the emerging company securities was traded. Where no dealing price of said securities was available on such date, the valuation of such securities shall be based upon the closing price of the exchange listed, OTC listed securities or the weighted average dealing price of emerging company securities traded on the last date immediately preceding the date of inheritance or gift. In the event of a sharp price fluctuation, the average of all the closing prices of the exchange listed or OTC listed securities, or the weighted average dealing price of emerging company securities, traded one month preceding the date of inheritance or gift shall be used in determination of the value.
For securities initially offered on the market, or over the counter, the valuation of such securities for the period from the date of approval as exchange listed and OTC listed securities by the competent security authority, or from the date of agreement as an emerging company securities by Gretai Securities Master, to the date of initial quoted trading, shall be based upon the underwriting price or the subscription price recommended by the authority-in-charge.

The valuation of the securities that has been privately placed in the Securities and Exchange Act, if securities of the same type as those to be offered and issued on the exchange listed, OTC listed securities, or emerging company securities on the date of inheritance of gift shall be valued by the following rules：
1. The lower one of the closing price of the exchange listed securities or the OTC listed securities on the date of inheritance or gift and the average of all the closing prices of such securities traded one month preceding the date of inheritance or gift. Where no dealing price of said securities was available on such date, the valuation of such securities shall be based upon the lower one of the closing price of the exchange listed, OTC listed securities traded on the last date immediately preceding the date of inheritance or gift and the average of all the closing prices of such securities, traded one month preceding the last date immediately preceding the date of inheritance or gift. If there is no such average of all closing prices within one month preceding the date, the valuation of such securities shall be based upon the closing price of such securities on the date of inheritance or gift. Where no dealing price of said securities was available on such date, the closing price of such securities traded on the last date immediately preceding the date of inheritance or gift shall be used in determination of the value.
2. The valuation of emerging company privately placed securities shall be based upon the lower one of the weighted average dealing price of the emerging company securities traded on the date of inheritance or gift and the average of all the weighted average dealing price of such securities traded one month preceding the date of inheritance or gift. Where no dealing price of said securities was available on such date, the valuation of such securities shall be based upon the lower one of the weighted average dealing price of the emerging company securities traded on the last date immediately preceding the date of inheritance or gift and the average of all the weighted average dealing price of such securities, traded one month preceding the last date immediately preceding the date of inheritance or gift. If there is no such average of all weighted average dealing prices within one month preceding the date, the valuation of such securities shall be based upon the weighted average dealing price the emerging company securities traded on the date of inheritance or gift. Where no dealing price of said securities was available on such date, the weighted average dealing price of emerging company securities traded on the last date immediately preceding the date of inheritance or gift shall be used in determination of the value.
Valuation of privately placed securities of companies limited by common shares other than exchange listed, OTC listed, or emerging company shall be based upon the net worth of the company’s assets on the date of inheritance or gift, the value shall be adjustmented according to the first and second Paragraph of Article 29.

Valuation of securities of companies limited by shares other than exchange listed, OTC listed, or emerging company, unless under circumstances as described in the second Paragraph of Article 28, shall be based upon the net worth of the company’s assets on the date of inheritance or gift subject to the following adjustments:
1. If the assets of the company consist of land or house with its book value lower than the announced present value of the land or the standard price of the house, the announced present value of the land or standard price of the house shall be based for valuation.
2. For the exchange listed, OTC listed securities, or emerging company securities, the value shall be estimated according to Article 28.
In case that the company defined in the preceding paragraph has stopped operation by its own will, gone out of business, moved to another place without applying for new registration, or has other concrete proof that the value of its stock has been reduced or is valueless, such facts shall be verified.
For valuation of the capital invested in enterprises other than companies limited by shares, the provisions under the preceding two (2) paragraphs shall apply mutatis mutandis.

For prepaid rentals, the leasehold value shall be the rental amount for the remaining lease period derived from proportionately assigning the pre-paid amount to the duration of the lease. Where a deposit was paid, the amount of the deposit shall be used for leasehold valuation.

Where the creation of superficies rights contains a time limit and an annual rent, the value for the remaining period shall be determined as follows:
1. For a remaining period of less than five (5) years, the value shall be the annual rent.
2. For a remaining period of five (5) years up to ten (10) years, the value shall be double of the annual rent.
3. For a remaining period of ten (10) years up to thirty (30) years, the value shall be three (3) times of the annual rent.
4. For a remaining period of thirty (30) years up to fifty (50) years, the value shall be five (5) times of the annual rent.
5. For a remaining period of fifty (50) years up to one hundred (100) years, the value shall seven (7) times of the annual rent.
6. For a remaining period exceeding one hundred (100) years, the value shall be ten (10) times of the annual rent.
Where the creation of superficies rights contains no time limit, the value shall be seven (7) times of the annual rent. Where local customs dictate otherwise, said customary rules for the determination of remaining period may be used.
Where the creation of superficies rights contains no annual rent, the annual rent shall be four per cent (4%) the annual interest of the declared land value.
Where the creation of superficies rights involves one-time rent payment, yearly incremental rent increase, or the use of certain benefit in lieu of rent due, the average annual rent shall be prescribed according to the term set in said superficies rights, and the value shall then be determined according to the provisions set forth under Paragraph 1 of this article.

For emphyteusis (right of lease in perpetuity), the value shall be five (5) times of the annual land rent payable.

For dien rights, the value shall be the price of the dien right established.

The value of fishing rights and mining rights shall be determined according to the years remaining as follows:
1.For a remaining period of less than one (1) year, the value shall be the amount of the additional benefit.
2.For a remaining period of one (1) year up to three (3) years, the value shall be double the amount of the additional benefit.
3.For a remaining period of three (3) years up to five (5) years, the value shall be three (3) times the amount of the additional benefit.
4.For a remaining period of five (5) years up to seven (7) years, the value shall be four (4) times the amount of the additional benefit.
5.For a remaining period of seven (7) years up to twelve (12) years, the value shall be six (6) times the amount of the additional benefit.
6.For a remaining period of twelve (12) years up to sixteen (16) years, the value shall be seven (7) times the amount of the additional benefit.
7.For a remaining period exceeding sixteen (16) years, the value shall be eight (8) times the amount of the additional benefit.
The additional benefit amount as referred to in the preceding paragraph shall be determined by deducting the regular benefit amount, derived from the actual paid-in capital plus interest calculated at an annual interest rate of ten per cent (10%), from the average net income of such rights over the most recent three (3) years. For native mining pits without any right established thereuner or fisheries without having obtained the proper license that have no time limit and therefore cannot be seen as having a mining or fishing right, the value shall be the original price restored from dividing operating income by a five per cent (5%) weekly rate.
For mining and fishing rights, the estate and gift tax shall be levied only in accordance with the provisions set forth under the two preceding paragraphs. The trade name carried on by the business established thereunder shall no longer be subject to estate or gift tax payment.

Unless otherwise provided for under other relevant acts or regulations, for the valuation of intangible assets, the provisions under the preceding article shall apply mutatis mutandis.

For finite annuities, the value shall be determined according to the remaining years of payment as follows:
1.For a remaining payment period of less than one (1) year, the value shall be the annual annuity payment.
2.For a remaining payment period of one (1) year up to three (3) years, the value shall be double the annual annuity payment.
3.For a remaining payment period of three (3) years up to five (5) years, the value shall be three (3) times the annual annuity payment.
4.For a remaining payment period of five (5) years up to seven (7) years, the value shall be four (4) times the annual annuity payment.
5.For a remaining payment period of seven (7) years up to nine (9) years, the value shall be five (5) times the annual annuity payment.
6.For a remaining payment period of nine (9) years up to twelve (12) years, the value shall be six (6) times the annual annuity payment.
7.For a remaining payment period of twelve (12) years up to sixteen (16) years, the value shall be seven (7) times the annual annuity payment.
8.For a remaining payment period of sixteen (16) years up to twenty-four (24) years, the value shall be eight (8) times the annual annuity payment.
9.For a remaining payment period of twenty-four (24) years up to one hundred (100) years, the value shall be nine (9) times the annual annuity payment.
10.For a remaining payment period exceeding one hundred (100) years, the value shall be ten (10) times the annual annuity payment.

For infinite annuities or annuities thereto the preceding article cannot apply due to special circumstances, the actual situation may be taken into consideration while using the criteria provided in the preceding article for valuation.

For annuities of which the payment is made throughout the life time of the payer, the beneficiary, or a third person, the value shall be determined as follows:
1.With the person aged below ten (10) years, the value shall be nine (9) times the annual annuity payment.
2.With the person aged of ten (10) years up to twenty (20) years, the value shall be eight (8) times the annual annuity payment.
3.With the person aged of twenty (20) years up to thirty (30) years, the value shall be seven (7) times the annual annuity payment.
4.With the person aged of thirty (30) years up to forty (40) years, the value shall be five (5) times the annual annuity payment.
5.With the person aged of forty (40) years up to fifty (50) years, the value shall be three (3) times the annual annuity payment.
6.With the person aged of fifty (50) years up to sixty (60) years, the value shall be two (2) times the annual annuity payment.
7.With the person aged above sixty (60) years, the value shall be the annual annuity payment.

For conditional rights and rights without a fixed term, the value shall be determined according to the nature of the right with the actual situation taken into consideration.

For co-owned or co-managed properties, the total net value of the property shall be evaluated first before the value of the estate or gift made by the decedent can be determined.

In case that the property given by the taxpayer to the spouse of the decedent during the one(1) year period provided for under Paragraph 2, Article 17-1 of the Act is the estate, the valuation shall be based on the value of the estate on which the tax is levied; in case that payment is made with properties other than estate, the valuation shall be based on the value of such properties on the payment day, the related provisions of the valuation of the estate shall apply mutatis mutandis.

For matters relating to the valuation of an estate and a gift not specified under the Act and these Rules, such value is estimated by the market value.