Japan: Details of the Japan and Oman DTT Agreement available Now
Japan and Oman Income Tax Treaty (2014) has been signed on 9 January 2014 and details of the treaty available now. The treaty generally follows the OECD Model (2010). The maximum rates of withholding tax are: 10% on dividends (5% if the
See MoreJapan: The second sales tax will rise from November 2015
Japanese Prime Minister is expected to announce by the end of this year whether the nation will go ahead with a second rise to its consumption tax rate, to 10% from November 2015. As Japan's economy contracted by 6.8% year-on-year during the
See MoreASEAN: Reviews ongoing negotiations of FTAs with China, Japan and S Korea
The Economic Ministers of ASEAN met with the representative of China, S Korea and Japan to discuss and review the ongoing negotiations to upgrade their respective ASEAN+1 trade treaties. ASEAN and China presented the progress made in implementing
See MoreUS imposes tariffs on Grain-Oriented Electrical Steel From Germany, Japan, and Poland
The International Trade Administration (ITA) of the US Department of Commerce (DOC) has issued its affirmative final determinations on July 17, in the antidumping duty (AD) investigations of imports of grain-oriented electrical steel (GOES) from
See MoreAustralia and Japan signed an agreement to promote economic relations
Australia and Japan signed an agreement to promote economic relations (EPA), in Canberra on 8 July 2014. The Australian Department of Foreign Affairs and Trade said that, “this is the most liberalizing bilateral trade agreement and if it is fully
See MoreJapan: Government approved the plan to cut corporate tax rate
Japans government approved the plan to cut corporate tax rate on June 24 which was among the highest in the world at above 35% to less than 30% over several years. Although decisions on how to offset revenue losses and other details were deferred,
See MoreOECD: BEPS project update with developments of Asian countries
In order to stop tax avoidance and evasion Asian countries are actively taking part with the Organization for Economic Cooperation and Development (OECD)’s plan. The OECD’s Action Plan is far reaching and will help support local Asian
See MoreJapan: Planning to introduce B2B e-commerce tax
The Japanese International Taxation Discussion Group has suggested following methods for pick up “Consumption Tax” which are: Submission of VAT reverses charge so that the local Japanese Company reports the acquisition and supply in its
See MoreJapan: Corporate tax rate will be lowered below 30%
Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan's corporate tax rate from 35% to below 30 %. The Government targets to return to a principal fiscal balance in 2020. However the final corporate tax rate
See MoreJapan: From 2015 Corporate Tax rate will decrease
From 2015, Japan's corporate tax rate will be reduced from its current rate 36% to below 30%. Corporate tax cuts will now form a major part of the Government's 2015 policy framework, which will concentrate on PM’s promised growth strategies. This
See MoreJapan Takes Action on Some BEPS Items
Japan’s Cabinet Office Tax Commission has given its attention to four base erosion and profit sharing (BEPS) items, including the controversial Action 13 which relates to transfer pricing documentation. The other items under consideration by Japan
See MoreJapan Planning Corporate Tax Cut Next Year
There are plans to lower the corporate tax rate following the work of the Tax Commission appointed by the Japanese government. The Commission suggested an eventual reduction of the corporate tax rate to around 25 percent, and the Deputy Economy
See MoreJapan and the European Union Plan FTA By 2015
Japan and the EU are to conduct a one year review with the intention of concluding a free trade agreement. This proposed FTA will be an important part of plans to strengthen the economic relationship between the EU and Japan. The FTA is to deal with
See MoreJapan – Possible BEPS-related implications under foreign dividend exclusion rule
In Japan the Cabinet Office has published a discussion paper setting out current tax issues for consultation. This paper concerns the developments in respect of base erosion and profit shifting (BEPS) and the implications of the issues for the
See MoreJapan – Corporate income tax rate reduction effective April 2014
Following the enactment of Japan’s 2014 tax reform a decrease of the effective corporate income tax rate is in force from April 2014. The fall in the effective tax rate is a result of the repeal of the special reconstruction surtax. This surtax
See MoreJapanese Panel Looks For Gradual Corporate Tax Cuts
There has for some time been concern in Japan that the relatively high effective corporate tax rate is making the country less competitive. There has therefore been pressure for the rate to be lowered to a level more in line with those of other
See MoreJapan and US Hold Talks On TPP
Talks were held between Japan and the US on 9 and 10 April 2014 to consider the remaining issues relating to the terms of the planned Trans-Pacific Partnership (TPP) trade agreement. The main problems between the US and Japan concern Japan’s
See MoreJapan: 2014 tax changes
Some changes to Japan’s tax law announced on 1 October 2013 were passed on 20 March 2014. The “attributed income principle” in respect of the profits of permanent establishment, as set out in the authorized OECD approach, will be adopted. The
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