Japanese Diet Passes 2011 Tax Reform Legislation without the Corporate Tax Rate Reduction

On June 22, 2011, the Japanese Diet passed portions of the 2011 Tax Reform legislation, which was previously suspended subsequent to the earthquake in March. Generally effective June 30, 2011 (with certain exceptions), the newly enacted legislation does not include the proposed corporate tax rate reduction or the related tax-base-broadening provisions, such as the limitation on NOL utilization.