Japan's ruling coalition has agreed on tax reform guidelines for fiscal year 2025. Among other things, this includes plans to implement the Pillar 2 qualified domestic minimum top-up tax (QDMTT) and undertaxed payment/profits rule (UTPR) with effect from 1 April 2026. Japan has already implemented the Pillar 2 income inclusion rule (IIR) with effect from 1 April 2024. Additional details will be published once available.