On 27 March 2020, Japan's National Diet (parliament) approved the bill for the government's tax reform proposals for 2020, which was enacted the same date. Some of the main measures of the tax reform reportedly include the following:
New Group Relief System
A new group relief system is introduced to replace the current consolidated tax rules for tax years beginning on or after 1 April 2022. The new rules are meant to provide a simpler method of income and loss offsetting. The new rules all…