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LDP - Release of Outline of Tax Reform Proposals

LDP - Release of Outline of Tax Reform Proposals

On 1 June 2016, Prime Minister Shinzo Abe made an announcement that the increase in the consumption tax rate from 8 percent to 10 percent should be postponed from 1 April 2017 to 1 October 2019 (i.e. by two and a half years). Consequently, it is expected that bills to implement the postponement will be discussed in an extraordinary session of the Japanese Diet starting in the middle of September 2016.

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On 2 August 2016, the Liberal Democratic Party of Japan (LDP) released an outline of the proposals to be included in the bills.

We have set out in this e-Tax News brief summaries of the main points of the proposals with respect to consumption tax and local taxation for companies.

Contents

1. Consumption Tax

2. Local Taxation for Companies

KPMG Japan e-Tax News No.117

e-Tax News

© 2020 KPMG AZSA LLC, a limited liability audit corporation incorporated under the Japanese Certified Public Accountants Law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2020 KPMG Tax Corporation, a tax corporation incorporated under the Japanese CPTA Law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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