Overview of Japan’s Latest Ministerial Ordinance on Pillar 2
On June 30, 2023, Japan’s Ministry of Finance issued Ministry of Finance Ordinance No. 47 of 2023 Amending the Enforcement Regulations of the Corporation Tax Act for Pillar 2 purposes.
On June 30, 2023, Japan’s Ministry of Finance issued Ministry of Finance Ordinance No. 47 of 2023 Amending the Enforcement Regulations of the Corporation Tax Act for Pillar 2 purposes.
On June 16, 2023, Cabinet Order No. 208 was published in Japan’s Official Gazette. This provides much more detail on various aspects of the Pillar Two GloBE rules in Japan from April 1, 2024.
On June 16, 2023, a Cabinet Order to Partially Amend the Enforcement Order of the Corporation Tax Law for Pillar 2 was published in the Official Gazette.
Today, the Accounting Standards Board of Japan (ASBJ) issued the Practical Response Report on the ‘Treatment of Deferred Tax in Relation to the Revision of the Corporation Tax Act Corresponding to Global Minimum Taxation’.
The Practical Response Report is applicable from today and until it is repealed by the ASBJ.
The “Act for the Partial Revision of the Income Tax Act” was promulgated in Special Issue No. 25 of the Official Gazette on Friday, March 31, as Act No. 3/2023.
On March 28, 2023, Japan enacted the second domestic law to give effect to the Pillar Two GloBE rules from April 1, 2024.
On February 3 and 6, 2023, the Ministry of Finance published the “Bill for Partial Revision of the Income Tax Act” This includes the proposed implementation of the Pillar Two GloBE rules from April 2024.
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