Japan’s 2018 tax reform proposal

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On 14 December 2017, the Japanese government issued the 2018 tax reform proposal. A tax reform bill incorporating the proposal was recently submitted to an ordinary session of the Diet (Japan’s parliament), and is expected to be passed in late March 2018.

There are certain proposed changes for 2018 that may be of interest to multinational companies with operations or interests in Japan, including the following:

Revisions to Japanese domestic permanent establishment (PE) rules. Under the proposal, the definition of a PE under Japanese domestic rules would be amended along the lines of language in BEPS Action Item 7, the OECD Model Convention and the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). These provisions will take effect for income tax in 2019 (starting on 1 January 2019) and onwards, with respect to corporate income tax for fiscal years beginning on 1 January 2019 and onwards.

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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by emailing Danian Zhang at danian.zhang@bakermckenzie.com.

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