Category: Japan

Synthesized text of Japan-UAE tax treaty published showing MLI modifications

The Japanese government on July 1 published the synthesized text of the Japan-United Arab Emirates 2013 tax treaty, taking into account changes made by the bilateral tax treaty on account of both countries’ later ratification of the the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading

Taiwan to join anti-tax evasion program CRS

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Taiwan to join anti-tax evasion program CRS

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Australia establishes agreement with Taiwan on tax and finance transparency

Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading

VISA-FREE DESTINATIONS ON LUXEMBOURG PASSPORT, 2019

Luxembourg and Spain passports placed 5th in a global study of visa-free travel. The annual “Henley Passport Index”, published on 8 January 2019, is a “ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa.” The index is published by… – Continue reading

Worldwide: UK Tax Round Up – November 2018

General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading

A Bird’s Eye View on General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new… – Continue reading

Panasonic to Move European Headquarters Out of UK as Brexit Concerns Grow

Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October… – Continue reading

Which Countries is The Cryptocurrency Taxed In?

The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try… – Continue reading

Tax Competitiveness in India: Changing Rules, Trends in Taxation

Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax… – Continue reading

Cambodia, Vietnam ink double taxation agreement

Cambodia has signed a double taxation agreement with Vietnam that protects each country’s nationals from dual taxation, according to a news release from the General Department of Taxation released on Tuesday. The agreement was signed on Saturday on the sidelines of the Greater Mekong Subregion Summit held in Hanoi. Chou… – Continue reading

TOKYO PUSHES BACK ON ‘BIZARRE’ DEATH TAX THAT DETERS EXPATS

Considering a work stint in Japan? You’d better make it short, and you’d better stay alive. That’s because the government subjects long-term foreign residents to inheritance tax of up to 55 percent on their worldwide assets – meaning heirs could be forced to give up their family homes or businesses,… – Continue reading

Japan’s National Tax Agency releases guidance on requesting Mutual Agreement Procedure assistance

The Japanese National Tax Agency (NTA) has released guidance for taxpayers on the mutual agreement procedure (MAP), in line with the recommendations of the OECD’s Base erosion and profit shifting (BEPS) Action 14 Final Report. The guidance is intended to supplement the Commissioner’s Directive on the Mutual Agreement Procedures, which… – Continue reading

New Japan-Denmark DTA To Waive Cross-Border Tax

The Japanese and Danish governments announced on October 11 that they had signed a new agreement for the avoidance of double taxation in Tokyo. The Japanese Ministry of Finance said: “This Convention wholly amends the existing Convention, which entered into force in 1968, by revising the taxation on business profits,… – Continue reading

Russia and Japan sign Double Taxation Avoidance Convention

The Russian President and the Japanese Prime Minister signed the Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (the “Convention”) on 7 September 2017. The Convention will replace the existing treaty signed in 1986 by the Soviet… – Continue reading

Multinationals Fear Japan Reports Could Spur Outside Audits

Japanese multinational companies worry that filing their first country-by-country reports in 2018 will lead to a barrage of transfer pricing audits by developing countries. Companies are currently preparing their first country-by-country reports that must be filed with the National Tax Agency by the end of March 2018. Japan adopted country-by-country… – Continue reading

Japan, Russia Agree New Double Tax Pact

The governments of Japan and Russia signed a new convention on the elimination of double taxation on September 7. The convention replaces the 1986 agreement between Japan and the former Soviet Union. It lowers withholding tax rates on cross-border income from trade and investment – in most cases to zero… – Continue reading

Japan, Estonia Sign Double Tax Treaty

Japan and Estonia signed a convention to eliminate double taxation on cross-border trade and investment on August 30. The treaty sets out the taxing rights of both countries on cross-border income deriving from investment or trade between the two. It also provides for assistance in the collection of tax and… – Continue reading

Japan Urged To Adopt 15 Percent VAT Rate

Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5… – Continue reading

Japanese individuals, firms named in Panama Papers owe ¥1 billion in taxes on hidden income

Japanese individuals and companies listed in the leaked Panama Papers owe more than ¥1 billion ($9.06 million) in taxes on undeclared income, sources close to the matter have said. This is the first calculation by Japanese tax authorities of the amount owed on the undeclared income exposed by the documents,… – Continue reading

Cayman Islands’ investment in S. Korea tops 9.2 tln won

SEOUL, Feb. 16 (Yonhap) — The Cayman Islands became the largest investor as a tax haven country in the South Korean market last year, data showed Thursday, amid suspicions that some of the money could be owned by South Koreans disguised as foreign investors in an attempt to avoid taxes…. – Continue reading

Japan, China, Ireland biggest foreign holders of US government bonds

In the latest published data from the US Treasury Department and Federal Reserve Board in respect of November 2016, the value of Treasury Securities held by foreigners was $5.9tn with Japan’s holdings at $1.1tn and China at $1.0tn, followed by Ireland at $275bn. However, some further data show that the… – Continue reading

Tax-avoidance adoptions

Adoption as a means of reducing inheritance taxation is said to be common among wealthy people. In overturning a lower court decision that invalidated a late Fukushima Prefecture man’s adoption of his grandson in 2012 on the grounds that the step was a tax-saving measure, the Supreme Court has ruled… – Continue reading

President Trump eyes border tax on Mexico, China and Germany

The Trump White House favours a “flexible” border adjustment tax targeting countries with which the United States runs big trade deficits, including Mexico, China and Germany, the President’s top trade and industry adviser said. Peter Navarro, a sceptic of free trade, wants the US to entice advanced manufacturing production onshore… – Continue reading

Helpful For Shipping Industry

Double Taxation Avoidance Agreement Amended between S. Korea and India The Korea Shipowners’ Association announced on January 24 that the Double Taxation Avoidance Agreement between South Korea and India was amended so that South Korean shipping companies’ shipping income generated as a result of their maritime transport services provided for… – Continue reading

Hong Kong and Korea sign agreement on automatic exchange of financial account information in tax matters

Hong Kong (HKSAR) – Hong Kong has signed an agreement with Korea with a view to commencing the automatic exchange of financial account information in tax matters (AEOI) in 2019, a Government spokesman said today (January 24). “Since the signing of the first two agreements for AEOI with Japan and… – Continue reading

Latvia and Japan sign agreement intended to promote investment and make investors’ work easier

RIGA – Latvian Finance Minister Dana Reizniece-Ozola (Greens/Farmers) and Motome Takisawa, Parliamentary Vice-Minister for Foreign Affairs of Japan, today signed a convention for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance, BNS was told at the Finance Ministry. The… – Continue reading

Israel Tax Authority Deems Bitcoin a Taxable Asset

The Israeli Tax Authority has issued an official draft circular to clarify the tax guidelines that apply to bitcoin adopters. In an announcement last week, the Israel Tax Authority released its draft [PDF] on the proposed taxation of virtual currencies which are considered “assets”. Pointedly, the announcement also cites the… – Continue reading

India-Japan Agree New Advance Pricing Agreement

India has signed a bilateral advance pricing agreement with the Indian subsidiary of a Japanese company, India’s Central Board of Direct Taxes (CBDT) has announced. The APA was signed on January 13. With this, India and Japan have concluded three bilateral APAs, all of which include roll-back provisions. Overall, the… – Continue reading

Richards accuses Oxfam of ‘serial errors’

Finance minister Bob Richards has expressed dismay at Oxfam’s claim that Bermuda is the world’s worst corporate tax haven. And the Progressive Labour Party joined him to condemn the report as “extremely disappointing”. Mr Richards pointed to “serial errors” in the global charity’s report on offshore centres, which found that… – Continue reading