The Japanese Parliament (National Diet) on 28 March 2024 passed the 2024 tax reform bills, which include provisions relating to:
- 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 (IIR)
- 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)
Read a March 2024 report prepared by the KPMG member firm in Japan