Financial Services Tax News Draft bill 2011 Japanese tax reforms: www.pwc.com/jp/tax
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Financial Services Tax News Draft bill 2011 Japanese tax reforms: www.pwc.com/jp/tax
www.pwc.com/jp/tax Financial Services Tax News Draft bill 2011 Japanese tax reforms: New procedures for payment records February 2011 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ According to the draft Bill for amending taxation laws (Draft Bill) submitted to the Japanese Parliament (Diet) on January 25, 2011, requirements to submit records through e-Tax or in electronic format will be introduced. Moreover, specific reporting of payment records for the sale of gold or platinum will be introduced for authorized dealers. This Newsletter provides a summary of these new procedures. Obligation to submit significant records through e-Tax or in electronic format Items to be described on payment records (Shiharai Chosho), withholding statements (Gensen Choshuhyo) and calculation sheets (Keisansho) (Records) will have to be provided to the relevant tax office where the number of Records to be submitted in the base year (i.e., the calendar year two years prior to the year of filing due date for the Records) is 1,000 or more, and can be provided either : (i) through use of the electronic tax filing system (e-Tax); or (ii) by recording in electronic format (e.g., optical discs). ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ Currently, Records can be submitted in written format; or through e-Tax or in electronic format if an application is timely filed. However, if the number of Records is 1,000 or more in the base year, Records will now have to be filed through e-Tax or in electronic format. This amendment will be applicable to Records to be filed after January 1, 2014. Financial Services Tax News Submission of payment records on sales price of gold or platinum If a Japanese resident or non-Japanese resident having a permanent establishment in Japan receives proceeds from the sales of gold or platinum, the payer of the proceeds (gold and platinum dealers only) must now file payment records for the sales price with the relevant tax office by the end of the month following the month in which the payment obligation is fixed. This measure will be introduced in order to identify capital gains arising from the sales of gold or platinum for tax filing purposes; where the authorized dealers are obliged to file payment records. This amendment will be applicable to sales of gold or platinum made on or after January 1, 2012. PwC 2 Financial Services Tax News For more detailed information, please do not hesitate to contact your financial tax services representative or any of the following members: Zeirishi-Hojin PricewaterhouseCoopers Financial Services Kasumigaseki Bldg. 15F, 2-5 Kasumigaseki 3-chome, Chiyoda-ku, Tokyo 100-6015 Telephone: 81-3-5251-2400, http://www.pwc.com/jp/tax Partner Senior Manager Manager Sachihiko Fujimoto 81-3-5251-2423 [email protected] Katsuyo Oishi 81-3-5251-2565 [email protected] Yuka Matsuda 81-3-5251-2556 [email protected] Tetsuo Iimura 81-3-5251-2834 [email protected] Akemi Kito 81-3-5251-2461 [email protected] Hiroshi Takagi 81-3-5251-2788 [email protected] Yoko Kawasaki 81-3-5251-2450 [email protected] Raymond Kahn 81-3-5251-2909 [email protected] Stuart Porter 81-3-5251-2944 [email protected] Marc Lim 81-3-5251-2867 [email protected] Kenji Nakamura 81-3-5251-2589 [email protected] Nobuyuki Saiki 81-3-5251-2570 [email protected] Akiko Hakoda 81-3-5251-2486 [email protected] Kyoko Imamura 81-3-5251-2855 [email protected] Soichi Toyama 81-3-5251-6212 [email protected] Daniel Lutz 81-3-5251-6640 [email protected] Mami Sasaki 81-80-3592-6111 [email protected] Takashi Nonaka 81-80-3592-6104 [email protected] Hiroko Suzuki 81-80-3592-6100 [email protected] Nobuyoshi Hiruma 81-80-3592-6099 [email protected] Miyuki Kajiwara 81-80-3592-6028 [email protected] Naoko Makihira 81-80-3592-6016 [email protected] Seigo Sugiyama 81-80-3592-6017 [email protected] PwC Japan Tax (Zeirishi-Hojin PricewaterhouseCoopers) is one of the largest professional tax corporations in Japan with about 540 people. Within this practice, our Financial Services Tax Group is comprised of approximately 80 professionals, dedicated specifically to advising the financial services industry. In addition to tax compliance services our tax professionals are experienced in providing tax consulting advice in all aspects of domestic/international taxation including financial and real estate, transfer pricing, M&A, group reorganization, global tax planning, and the consolidated tax system to clients in various industries. PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See pwc.com for more information. This document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this document without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this document, and, to the extent permitted by law, Zeirishi-Hojin PricewaterhouseCoopers, its employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this document or for any decision based on it. © 2011 Zeirsihi-Hojin PricewaterhouseCoopers. All rights reserved. In this document, “PwC” refers to Zeirishi-Hojin PricewaterhouseCoopers, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. PwC 3