Japan Submits Draft Pillar Two Law to Parliament

On February 3 and 6, 2023, the Ministry of Finance published the “Bill for the Partial Revision of the Income Tax Act”. This includes the proposed implementation of the Pillar Two GloBE rules from April 1, 2024. The bill is subject to parliamentary approval. 
[UPDATE: Japan’s Bill for the Partial Revision of the Income Tax Act was approved enacted by the Japanese Parliament on March 28, 2023. See: Japan’s Global Minimum Tax Law Is Enacted.]

The following materials were released:

The Bill includes a new Chapter 2 in the Corporate Tax Act to provide for the global minimum tax. This includes:
Section 1 General Provisions (Article 82-Article 82-3)
Section 2 Tax Base (Article 82-4)
Section 3 Tax Amount Calculation (Article 82-5) 
Section 4 Declaration and Payment, etc. (Article 82-6-Article 82-10)

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