The Amendment to the Specifically Selected Goods and Services Tax Act (the “Amendment”) was announced by the President on January 7, 2015.  Under the Amendment, the definition of “specially selected goods” was expanded to include land in industrial areas.  Further, the scope of tax exemption was expanded to include situations where the Ministry of Finance has verified that no short-term speculation is involved.  In this connection, the Ministry of Finance published a ruling on February 5, 2015, setting forth 11 situations which are considered not to constitute short-term speculation.