A. On October 12, 2011, the Plaintiff and B concluded a contract to create “C” (hereinafter “instant collective investment scheme”) which is a real estate collective investment scheme under the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013; hereinafter “former Financial Investment Services and Capital Markets Act”).

(hereinafter “instant investment trust contract”). The main contents of the instant investment trust contract are as follows.

(1) A company B shall pay the investment trust money to the Plaintiff as a collective investment business entity, and give the Plaintiff instructions necessary for the acquisition, disposal, etc. of assets for investment.

(2) The Plaintiff, as a trust business entity, shall operate 60% or more of the total assets of the investment trust in real estate, etc. (the real estate under Article 229 subparagraph 2 of the former Capital Markets Act, except derivatives based on an underlying asset of real estate

(3) Beneficiaries shall not exceed 49 persons.

B. On October 25, 201, the Plaintiff acquired land D (hereinafter “instant real estate”) as a trust business entity of the instant collective investment scheme as a trust business entity of the instant collective investment scheme, as the collective investment property paid by Company B.

C. Upon acquiring the instant real estate, the Plaintiff filed an application with the Defendant for local tax reduction or exemption pursuant to Article 120(4)2 of the former Restriction of Special Taxation Act (amended by Act No. 11614, Jan. 1, 2013) (hereinafter “instant provision”). The Plaintiff paid the acquisition tax, local education tax, and special rural development tax reduced or exempted by 30% reduction or exemption of the amount of tax, such as acquisition tax, etc.

On November 23, 2011, B filed an application for registration of the instant collective investment scheme with the Governor of the Financial Supervisory Service, and on November 24, 2011, the instant collective investment scheme was registered with the Financial Services Commission.

E. On October 24, 2014, the Defendant deemed that the instant provision was not applicable because the instant collective investment scheme was not completed at the time the Plaintiff acquired the instant real estate, and thus, the said provision cannot be applied.