The tax commission of Japans ruling coalition has approved a draft outline of 2016 tax reform proposals. The main proposals are related to corporate tax rates, tax losses and transfer pricing documentation requirements.
Corporate Tax Rates
As previously reported, it is proposed that the standard effective corporate tax rate be cut to 29.97% in 2016, although the cut to 29.74% would not apply until 2018. These effective rates are for companies with paid-in capital of more than JPY 100 milli…