Japan: Corporate and Tax Quarterly Update - July 2023
In this edition, our attention is centered around two important topics: The FY2023 Tax Reform Enforcement Order and Enforcement Regulations, along with the Guidelines on Upholding Human Rights in Responsible Supply Chains.
In terms of taxes, the Cabinet has released an updated version of the Order for Enforcement of the Income Tax Act called the "Cabinet Order." Additionally, the Ministerial Order has made amendments to the Ordinance for Enforcement of the Income Tax Act in relation to the upcoming tax reforms in 2023. These orders were published in a special extra edition (No. 25) of the Official Gazette on 31 March 2023.
In April 2023, the Ministry of Economy, Trade, and Industry of Japan released the "Reference Material on Practical Approaches Enabling Business Enterprises to Uphold Human Rights in Responsible Supply Chains" (referred to as "Reference Material"). This document offers detailed explanations and illustrations of factors to consider and actions that companies can take, such as "developing a human rights policy" and "recognizing and evaluating negative effects on human rights."
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Masahiro Inaba works as a partner in the Corporate/Mergers & Acquisitions Practice team in Tokyo at the Firm. Mr. Inaba frequently supports clients with various legal concerns in corporate law. He is also a member of the Tokyo Bar Association.
Masao Katsuyama is a member of the Corporate / Mergers & Acquisitions Practice Group at the Firm in Tokyo. From May 2012 to May 2014, Mr. Katsuyama was based in the Bangkok office, where he supported numerous Japanese firms in their investment endeavors across Thailand and various countries in Southeast Asia.
Ryutaro Oka has vast experience in the finance, trade, energy, and manufacturing sectors. Throughout his career, he has fostered strong relationships with clients and consistently provides guidance on intricate international tax matters. He collaborates extensively with colleagues from various countries, including the United States, United Kingdom, Netherlands, China, Singapore, and Thailand. Mr. Oka frequently shares his expertise on international tax topics and has been invited to speak at events hosted by organizations such as the Association of Taxation Analysis. Before joining the current company in 2006, he served as a tax director at Deloitte Touche Tohmatsu's Tokyo office, where he offered valuable advice on international tax matters. Furthermore, Mr. Oka is fluent in English.
Akihiro Kawasaki works in the Tax & Transfer Pricing Group for the company in Tokyo. He has a diverse background, dealing with topics such as HK IPOs, crypto currency matters, and tax audits. His specialty lies in providing tax advice on intricate consolidation and reorganization-related tax ideas, as well as anti-CFC rules. Before joining the company, he spent 13 years working for a prominent Japanese tax consulting firm, with a four-year stint in Shanghai.
Koji Oshima has vast expertise in global taxation and cross-border pricing issues. Before becoming a member of the Baker McKenzie team in 2008, he served at Deloitte Touche Tohmatsu.
Luke Tanner is a part of the Tax & Transfer Pricing department at Baker McKenzie's Tokyo branch. Before becoming a member of this firm, he gained experience working at a prominent accounting firm in Japan and Australia. During his time there, he offered tax and transfer pricing assistance to multinational companies.
Corey is a part of the Tax & Transfer Pricing Group at the Firm based in Tokyo.
