Japan Master Tax Guide 2011/12 (9th edition)

The Japan Master Tax Guide 2011/12 provides an informative framework of Japanese taxes in English and includes insightful commentary on the Japanese tax statutes, regulations and National Tax Agency circulars.

Using non-technical language and illustrative examples, flowcharts and exhaustive citations to Japanese laws and regulations, it allows non-Japanese tax practitioners to gain a deeper understanding of the Japanese tax laws. With references to tax statutes and headings in kanji characters, the guide is also useful to English-speaking Japanese tax practitioners.

It is designed to be used by business and individuals subject to Japanese taxes, and tax professionals who deal with Japanese tax issued.

Important Changes in new 2011/2012 Edition;

This new edition has been updated to reflect the tax changes arising from the proposed 2011 Tax Reform Act, as well as the special legislation promulgated to cope with the aftermath of the great eastern Japan earthquake in March this year.

◆The Law to Revise the Income Tax, etc., in Order to Develop a Tax System to Address the Current Severe Economic Circumstances and Employment Conditions, Law No. 82 of 2011, consists of the fast-track legislative items taken from the originally proposed 2011 Tax Reform Act submitted to the Diet on 25 January 2011. The tax changes include tax incentives for promoting comprehensive international strategic investment zones; tax incentives for designated multinational corporation research and development promotion enterprises; tax credit for corporations filing a blue tax return that increase employment during the year; and clarification that a company may not be treated as a medium or small-sized company if it is owned 100% by more than one large-sized company within a 100% corporate group.

◆The Law to Revise the Income Tax, etc., in Order to Construct a Tax System Addressing Changes in the Socio-Economic Structure, approved by the Japanese House of Representatives on 10 June 2011  consists of the remaining items from the original 2011 Proposed Tax Reform Act that will be considered during the extended legislative session along with other major tax reform proposals, including a plan to reduce the corporate tax rate, increase the consumption tax rate as well as changes to the inheritance tax and gift tax regimes.

◆The Special Tax Law for those Affected by the Great Eastern Japan Earthquake , Law No. 29 of 2011, aims to help taxpayers affected by the great eastern Japan earthquake. The relief measures include deduction of casualty losses resulting from the earthquake from income for the 2010 tax year; increased deductibility and special credit for earthquake-related donations; additional first year depreciation for replacement property for
property damaged or destroyed due to the earthquake; deferred gain treatment on replacement of property and business assets affected by the earthquake; and carry back of losses arising from the earthquake.

Key Benefits

♦Explanations and synopsis of the Japanese tax system and the major laws and regulations in clear English
♦Easy to use tables, including up-to-date withholding tax tables reflecting the latest tax law changes

Key Feature

♦Easy to read
♦Headings in Kanji characters
♦Provides information on tax compliance requirements
♦Detailed references to the original Japanese statutes and regulations
♦English translation of commonly-used forms