Japan: The penalty for failure to submit the CbC report or the Master File by the due date
Japan’s 2016 tax reform was enacted on 29 March 2016 and at the end of April 2016, the National Tax Agency posted guidance on its website to help clarify the documentation requirements within Japan. The tax reform also implements penalties for a
See MoreJapan approves tax reforms for 2016
The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1
See MoreJapan: Cabinet Approves 2016 Tax Reform Proposal
The Japanese Cabinet approved the 2016 tax reform proposal (2016 Tax Reform) on December 24, 2015. The proposal contains modifications to Japanese transfer pricing (TP) documentation requirements. The modifications are based on recommendations in
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
See MoreDTA between Japan and Taiwan signed
Japan and Taiwan signed a double taxation agreement (DTA) in Tokyo on 26 November 2015. This DTA is the first agreement regarding taxes between Japan and Taiwan. The agreement provides for a withholding tax rate of 10% on payments of dividends,
See MoreThe Trans-Pacific Partnership negotiation completed
On October 4, 2015, Ministers of the 12 Trans-Pacific Partnership (TPP) countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam – announced conclusion of their
See MoreDTA between Chile and Japan will be negotiated
The first round of negotiations for a tax treaty between Chile and Japan will take place from 1st October
See MoreASEAN discusses trade with China, Japan and Korea
The economic ministers of the Association of South East Asian Nations (ASEAN) have been meeting their counterparts from China. Japan and South Korea with a view to concluding an economic partnership agreement. China is aiming to conclude an
See MoreJapan: Introduction of Tax Identification System from 2016
The National Tax Agency (NTA) of Japan has announced that a new tax identification number system ("My Number") will be introduced for both individuals and corporations in October 2015. The NTA will provide the 12-digit number to all relevant
See MoreJapan: IMF comments on economic and fiscal position
The IMF has issued a concluding statement at the end of discussions with Japan under Article IV of its articles of association. The IMF report notes that the positive signs in the Japanese economy need to be built upon by working to end the
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
See MoreJapan: Tax Reform Plan 2015 Submitted to the Diet
The bills for the proposed changes to the tax law as announced on 30 December 2014 were submitted to the Diet on 17 February 2015. The main Proposal for changes is summarized below: Corporation taxation: The corporate tax rate is reduced for
See MoreJapan: Trade review carried out by World Trade Organization
On 9 and 11 March 2015 the World Trade Organization (WTO) is conducting a trade review of Japan. The WTO Secretariat has prepared a report in connection with this review and this has been published on the WTO website. Japan has since 2012 been
See MoreJapan: Tax Reform Legislation Introduced
The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts. As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's
See MoreJapan- Qatar: Income Tax Treaty Signed
The Japan - Qatar Income Tax Treaty (2015) was signed on 20 February 2015 in Tokyo. Once in force and effective, the treaty will replace the Japan - Qatar Transport Tax Treaty (2009). Further details of the treaty will be reported
See MoreQatar Approves Draft Income Tax Treaty with Japan
The Qatari government approved the signature for a draft income tax treaty with Japan on January 14th, 2015. This would be the first Income Tax Treaty between the two countries. However, it must be signed and ratified by both sides before entering
See MoreJapan Publishes New Consumption Tax Plans for Foreign E-services
Japan has published new plans to subject the supply by foreign providers of electronic services to their consumers to 8% Consumption Tax. This should come into place from 1 October 2015. Here is the summary of plans: Changes from the origin to
See MoreSixth round of trilateral FTA among China, Japan and South Korea
On January 18, 2015, the Ministry of Trade, Industry and Energy (MOTIE) of South Korea announced that the 6th round of negotiations for a trilateral free trade agreement (FTA) between China, Japan and South Korea was held in Tokyo, Japan on
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