2008 Tax Reform in Japan

Excerpt from Practical Asian Tax Strategies by Yumiko Arai and Al Zencak
(PricewaterhouseCoopers, Tokyo)

The 83 trillion yen Japanese state budget and tax reform bill for fiscal 2008 passed the House of Representatives with a majority vote by the ruling parties. The budget and the tax reform bill cleared the lower house with an approval of the ruling Liberal Democratic Party and its coalition partner New Komeito party, making sure that the budget will pass through the parliament in time for the beginning of the new business year (April 1). The following excerpt reviews some of the major corporate taxation changes currently contained in the 2008 tax reform legislation.

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