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Japanese consumption tax (JCT) is Japan’ s version of a value-added tax (VAT) or sales tax. On 1 October 2023, a new registration-based qualified invoice system for JCT will take effect. This change will greatly impact not only companies conducting their business physically within Japan, but also foreign companies providing digital services to customers in Japan. The new qualified invoice system will not only introduce new mechanisms for calculating JCT, but also other new requirements, including requirements related to invoices themselves.
In addition to the changes in how JCT will be calculated on future tax returns, taxpayers will also need to be aware of the impacts on their internal systems, including the processes for both sending and receiving invoices. This may require the implementation of new processes, or the updating of existing ones.
Taxpayers must now begin to consider how these changes will impact their tax compliance processes, as well as their tax planning. This online seminar will highlight some key points that taxpayers should be particularly mindful of, as well as identify some practical issues that we are anticipating. This webinar is a starting point for taxpayers looking to plan their transition to the new invoice system.