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Once a company becomes a taxable business, it is required to file periodic CT returns. The frequency of these depends on the trader’s turnover. The tax filing lists all of the company’s transactions related to the supply of the relevant goods or services.
Any CT due should be paid simultaneously with the filing of the tax return. The tax authorities will require payments of CT liabilities to be made in Japan at an authorised bank or post office.
In the case of a tax credit (where the CT incurred by the company exceeds the CT charged on its sales in the reporting period), documentary proof related to the transactions is often requested by the tax office.
The Japanese CT rate is currently 10% since 1 October 2019: 7% national levy; 1% regional levy. There is a reduced rate of 8%.
+44 (0)1273 022400