You May No Longer Be Exempt from JCT (Japanese Consumption Tax)
Important Changes to the Japanese Tax Code You Need to Know About – 2024 Japanese Consumption Tax Amendments Attention foreign businesses exempt from consumption tax! This article highlights key changes and considerations from the 2024 Japanese consumption tax amendments that affect foreign corporations. The 2024 tax reforms in Japan brought some significant updates to the […]
Japanese Tax Authorities Releases FAQ (Ver7) on Crypto Taxes
Crypto Traders Beware! Significant Changes In Determining Whether Income is Business Related or Not On December 22, 2022, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of Crypto Assets (Information)”. This is the seventh time (the first was in 2017) that the NTA has officially expressed its views on calculating taxes for […]
Japanese Tax Authorities Release FAQ – Year End Mark-to-Market of Cryptos Held by Entities
This FAQ Focuses on Topics Related to Year End Mark-to-Market of Cryptos for Corporation Tax Purposes On January 20, 2023, the National Tax Agency (NTA) published a guidance titled “Year End Mark-to-Market Treatment of Cryptocurrencies Held by Entities (Information)”. The NTA has been releasing Crypto Tax FAQs every year since 2017. This FAQ (M-t-M FAQ) […]
Japanese Tax Authorities Releases FAQ on NFT Taxes
Some of the existing questions about calculating taxes for NFTs have been clarified On January 13, 2023, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of NFTs (Information)”. This is probably the first time the NTA has officially expressed its views on calculating taxes for NFTs (Non Fungible Tokens) in an FAQ […]
How to Register as a JCT Qualified Invoice Issuer
Are You Prepared for the Upcoming Changes to Japanese Consumption Tax? In previous articles, we’ve been covering the upcoming changes to JCT. Upcoming Changes to Japanese Consumption Tax in 2023 The important points are: Japanese tax authorities will be introducing the JCT Qualified Invoice System in 2023 Only Qualified Invoices can be deducted when your […]
Qualified Invoice Format Under JCT
Background As mentioned in our previous post, the Japanese Consumption Tax (JCT) will be going through major changes in 2023. Upcoming Changes to Japanese Consumption Tax in 2023 The key points regarding these changes are: Japanese tax authorities will be introducing the JCT Qualified Invoice System in 2023 Only Qualified Invoices can be deducted when […]
Japanese Crypto Accounting Standard
Preface by the author: The following article was originally posted on my website back in 2018 when the Accounting Standard was first released. Here is the link to the original article. The information in the article remains relevant for financial statements issuers in Japan that hold bitcoin and cryptocurrencies on their balance sheet. I have also previously […]
Japanese Consumption Tax (JCT) – Non-taxable Good & Services
Overview Today’s post will be Part 3 of a series on Japanese Consumption Tax (JCT) that we’ve been doing the past few days. Links to previous JCT related posts: Introduction to Japanese Consumption Tax (JCT) Japanese Consumption Tax (JCT) – Scope and Who Pays the Tax In this post, we’ll be covering transactions that are […]
Japanese Consumption Tax (JCT) – Scope and Who Pays the Tax
Overview In a previous post, we introduced some basic characteristics of JCT. Introduction to Japanese Consumption Tax (JCT) In this post, we’ll be looking at the scope of JCT and who actually pays the tax. Scope of JCT and Who Pays the Tax According to the Consumption Tax Law, JCT is applicable to the […]
Introduction to Japanese Consumption Tax (JCT)
Overview – Characteristics of JCT Japan’s consumption tax (JCT) is a tax on the consumption of goods and services in Japan. The tax consists of national tax and local tax and are both referred to as consumption tax. JCT is similar to a value-added tax (VAT) in other countries. JCT is applied to the final […]