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Japan: Outline of 2024 tax reform proposals

The ruling governing coalition agreed to an outline of tax reform proposals for 2024.

February 5, 2024

The ruling governing coalition on 14 December 2023 agreed to an outline of tax reform proposals for 2024.

The outline is only indicative of the agreement, and the details of some contemplated changes are not certain. In addition, the final tax reform could differ from the outline depending on the outcome of the legislative process.

The tax proposals in the tax reform outline include:

  • Corporate tax
    • Tax credits for promotion of salary increases
    • Restriction on eligible companies for special tax measures
    • Special measures for promoting domestic production in strategic fields
    • Innovation box tax system
    • Taxation of reorganizations (tax-qualified contribution in-kind)
    • Entertainment expenses
    • Sized-based business tax
  • International tax
    • Income inclusion rule
    • Controlled foreign company (CFC) regime
    • Earnings stripping rules
    • Reporting system for automatic exchange of information on cryptoassets transactions related to nonresidents
  • Consumption tax
    • Platform tax
    • Special measures for consumption tax exemption system related to foreign business operators
  •  Individual tax (stock option tax system)
  • Tax measures to secure financial resources for strengthening defense capability

Read a December 2023 report [PDF 506 KB] prepared by the KPMG member firm in Japan

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