28 March 2014
Report from our correspondent Prof. Akiyuki Asatsuma, Rikkyo University
The changes to the tax law as announced in October 2013 were passed by the Diet on 20 March 2014 with no further amendments. In addition, the following changes were also passed:
Rate of corporate income tax
The effective rate of corporate income tax is reduced by abolition of the Special Reconstruction Corporation Tax a year ahead of schedule. The effective corporate tax rate commencing on or after 1 Apr…