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International Annual Review 2012

The KPMG International Annual Review focuses on our record of achievement and those who define us as an organization: clients, people and communities.

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Details

Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
Type: Regulatory update
Date: 7/3/2012

Japan - Consumption tax update; agreement-in-principle for New Zealand treaty

July 3: The Lower House of the Diet on 26 June 2012 passed a bill to increase the rates of consumption tax from the current rate of 5% to:

8% (effective 1 April 2014)
10% (effective 1 October 2015)

Other pending legislative measures for an increase to the highest individual income tax rate and changes to the basic exemptions and tax rate structure under Japan’s inheritance tax were not included in the final version of the bill. These items are expected to be discussed further and may be included in the 2013 tax reform proposals.

The bill containing consumption tax rate increase must be passed by the Upper House before being enacted.

Reporting requirements for foreign stock-based compensation

Under the 2012 tax reform, a new reporting requirement for foreign stock-based compensation was introduced. Japan’s tax administration posted a template of “Statement to Report Foreign Stock-Based Compensation” (Form 9(3) Japanese) on the tax agency’s website.

Tax treaty with New Zealand

The governments of Japan and New Zealand on 29 June 2012 announced that they have reached an agreement in principle on a new income tax treaty between Japan and New Zealand.

Only the following amendments have been announced:

The new tax treaty will replace the existing tax treaty (i.e., the existing tax treaty will be fully amended).
Tax rates on investment income (dividends, interest, and royalties) in a source country will be reduced.
A clause for arbitration in mutual agreement procedures and a provision for assistance in the collection of taxes will be included.

Details of the treaty will be clarified after completion of the necessary internal procedures by the respective governments, and signing of the new tax treaty by representatives of the two governments.

Read a July 2012 report [PDF 171 KB] prepared by the KPMG member firm in Japan: Tax Updates (July 2012)

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KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

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© 2013 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.