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Tokyo - Proposal for Postponement of Amendments to Local Tax Rates

Tokyo - Proposal for Postponement of Amendments ...

On 18 November 2016, the bills to postpone the consumption tax rate increase were passed by the Japanese Diet. Consequently, the consumption tax rate increase from 8 percent to 10 percent was postponed by two and a half years. As local taxation for companies was scheduled to be amended when the consumption tax rate is increased from 8 percent to 10 percent, the timing of the amendments was also postponed by two and a half years.

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As a consequence of the aforementioned amendments, on 15 February 2017, the Tokyo Metropolitan Government released a proposal to postpone the timing of the amendments to local tax rates, which will be discussed in the 2017 first ordinary session of the Tokyo Metropolitan Assembly held from 22 February to 30 March 2017.

We have set out in this e-Tax News the tax rates under the proposal for a company in Tokyo which is liable for size-based business taxes(broadly, a company whose stated capital is over JPY100 million).

Contents

  1. Business Tax Rates(income component)
  2. Inhabitant Tax Rates(on corporation tax)
  3. Effective Corporate Tax Rates

KPMG Japan e-Tax News No.129

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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