The land value tax and the housing tax leviable on the real estate for direct use by a private institution during the building or operations of a major infrastructure project in which the private institution participates, and the deed tax leviable at the time of acquisition of such real estate may be reduced or completely exempted at the discretion of the authorities.
The tax exemption or reduction period, the scope thereof, the criteria and procedures therefor, and the supplemental tax payment as referred to in the preceding Paragraph shall be prescribed by the relevant municipal/county/city governments, submitted to the relevant municipal/county/city councils for approval, and filed with the competent authority for recordation.