PwC Japan Tax Update 2011

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Tax Legislation Update for 2011 & 2012 Tax Reform (Part 2) [PDF 127KB]
The 2012 tax reform proposal submitted by the Cabinet Office's Tax Commission was released on December 10, 2011 upon approval by the Cabinet. The proposed tax law changes will be submitted to the Diet during January 2012 for consideration. This Japan Tax Update provides a summary of the proposed changes contained in the 2012 Tax Reform Proposal.
Tax Legislation Update for 2011 & 2012 Tax Reform (Part 1) [PDF 174KB]
On November 30, 2011, the “Amendment to the 2011 Tax Reform Bill” and “Special Measures to Secure the Financial Resources to Implement the Restoration from the Tohoku Earthquake” were approved in the Diet and were promulgated on December 2, 2011. This Japan Tax Update reports the current status of the tax legislation and changes contained in the above tax laws which apply to mainly corporate taxpayers.
Special Tax Measures for Tohoku Earthquake Restoration [PDF 128KB]
On October 28, and November 4, 2011, the Government submitted to the Diet three draft Bills: “Special Measures to Secure the Financial Resources to Implement the Restoration from the Tohoku Earthquake”, “Amendment to the 2011 Tax Reform Draft Bill”, and “Amendment to the Special Measures to Restore the Tohoku Earthquake Affected Areas”.
2011 Tax Reform [PDF 167KB]
On January 25, 2011 a draft bill for the 2011 Tax Reform (Draft Bill) was submitted to the Diet. After the Tohoku Earthquake the discussion on the Draft Bill was suspended. A part of the Draft Bill was approved on June 22, 2011 and become effective on June 30, 2011 (the “June Bill”).This Japan Tax Update discusses the June Bill.
Tohoku Earthquake and special tax legislation [PDF 132KB]
On April 27, 2011, special national tax laws to help deal with the Tohoku Earthquake including associated amendments to the local tax laws were promulgated and immediately became effective. These tax laws are intended to provide special tax relief for affected individuals or corporations. For this purpose, the Tohoku Earthquake includes the associated tsunami and Fukushima nuclear crisis.
Recovering from the Tohoku Disaster – managing related tax issues [PDF 183KB]
This Newsletter focuses on the challenging tasks many businesses face in assessing and managing the tax consequences arising from the Tohoku catastrophe.
Tohoku Earthquake and tax implications [PDF 142KB]
It has been reported that special tax legislation addressing issues arising from the earthquake is currently being discussed and planned to be submitted to the Diet for approval within this month. In this newsletter, we provide an outline of the general tax treatment of Tohoku Earthquake related issues based on the current tax laws and information issued by the tax authorities and local government as of April 11, 2011.
Transitional extension to 2011 Tax Reforms -Impact on corporate tax payers
[PDF 132KB]
The proposed 2011 Tax Reform was not passed by March 31, 2011, and thus the Transitional Tax Reform Laws - an extension of expiring dates of the Special Measures Law and the Local Tax Law from March 31, 2011 to June 30, 2011 - were passed on March 31, 2011. This newsletter provides an outline of the main features of the Transitional Tax Reform Laws affecting corporate tax payers.
Proposed 2011 Tax Reform - Corporate Tax [PDF 107KB]
On January 25, 2011, the draft bill of the 2011 tax reform was submitted to the Diet for an approval. If the proposed 2011 tax reform, which, notably, would reduce the corporate tax rates by approximately 5% and limit the use of net operating loss carryforwards to 80% of current taxable income, is promulgated on March 31, 2011.