Our Asia Pacific Employment & Compensation team is pleased to share our quarterly update, which highlights key employment law changes across the Asia Pacific region in the first quarter of 2023.
On 12 May 2023, the “Act on Promotion of a Smooth Transition to a Decarbonized Growth-Oriented Economic Structure” was passed and enacted by an ordinary session of the Diet. The Act will take effect within three months from the date of its promulgation.
Baker McKenzie’s Asia Pacific Employers’ Forum took place in Singapore on Thursday, 27 April 2023. You can access a number of related resources relating to employment issues and trends.
On 31 January 2023, the Amendment to the Cabinet Office Order on Disclosure of Corporate Affairs was promulgated and came into force together with its related guidelines. As a result of this amendment, it has become a requirement to include a new section in the Securities Registration Statement (Form 7 or Form 7-5) and Annual Securities Report (Form 8 or Form 8-2) reporting on sustainability-related initiatives and on other matters.
Baker McKenzie’s Sanctions Blog published the alert titled Sanctions Enforcement Around the G7, The Japanese Perspective on 20 April 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Japan’s 2023 tax reform package announced in December 2022 and submitted to the Diet in February 2023 includes various measures aimed at strengthening the Japanese start-up ecosystem and reorganizing the research and development taxation system. In an article published in Tax Notes International, Luke Tanner provides an overview of the recent tax developments in Japan, including the tax reform package and other legislation, the OECD’s two-pillar proposal, changes to consumption tax, and the transfer pricing regime.
On 31 March 2023, the Japanese Ministry of Economy, Trade and Industry initiated a public comment procedure for the Draft Amendment to Ministerial Ordinance and the Draft Amendment to Circular that is intended to impose new export control requirements on certain sensitive semiconductor manufacturing equipment from Japan. The public comment period is from 31 March 2023 to 29 April 2023. Anyone can submit a comment through either (i) the Japanese government’s website, (ii) email, or (iii) mail.
This second video is part of a series about sustainable business models for smart cities. In this second part, Baker McKenzie’s Yaeko Hodaka and Tsugihiro Okada together with specialists Mr. Yasunori Mochizuki (NEC Fellow), Mr. Akihito Karasawa, (Manager of the Digital Planning Section, Smart City Promotion Department, Digital Strategy & Promotion Bureau of Sapporo City) and Mr. Tadashi Kaji (Senior Chief Researcher of Hitachi, Ltd.’s Research and Development Group) discuss legal issues that need to be taken into account.
Baker McKenzie’s Sanctions Blog published the alert titled Japan announces further sanctions against Russia on 28 February 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Japan’s amended regulations on cookie information will start on 16 June 2023. The amended regulations now capture an even wider range of businesses, such as SNS platforms, various content sharing services, and certain online search tool businesses. It is important to consider whether your business is within the scope of the amended regulations and to take appropriate measures to ensure compliance, such as updating cookie policies or adding appropriate pop-up notices.