Asia Pacific tax authorities are actively seeking to reduce tax leakages, non-compliance, and what they perceive to be tax avoidance activities. To help you position your business for success in an era of ever-changing tax rules and intense scrutiny, our subject matter experts from across the region and globally will come together to examine key developments. We will discuss the impact of emerging trends and current issues on your business models and strategies, sharing practical tips on how you can maximize opportunities to achieve the best risk mitigation outcomes.

In this issue, we focus on the FY2023 Tax Reform Enforcement Order and Enforcement Regulations and the Guidelines on Respecting Human Rights in Responsible Supply Chains.
On the tax side, the Cabinet Order Partially Amending the Order for Enforcement of the Income Tax Act and the Ministerial Order Partially Amending the Ordinance for Enforcement of the Income Tax Act in relation to the 2023 Tax Reforms were published in a special extra (No. 25) of the Official Gazette dated 31 March 2023.

On 16 December 2022, Japan announced its 2023 tax reform proposal, which contains a number of changes that may impact multinational companies doing business in Japan, including the introduction of Pillar Two legislation in Japanese domestic tax law.

On 10 December 2021, Japan announced its 2022 tax reform proposal, which contains a number of changes to the existing tax rules that may impact companies doing business in Japan, including changes that may provide some companies with a chance to reduce their Japanese tax burden, as well as changes that may result in potential pitfalls (e.g., disallowance of certain incentives, etc.) for failure to comply with the new provisions. Additionally, amendments were made to the Japanese Companies Act in 2021 introducing a share delivery regime.