The American Chamber of Commerce in Japan (ACCJ) has urged the United States and Japanese governments to ratify their bilateral double taxation agreement (DTA) by the end of next month, in order to allow the provisions on reduced withholding tax on dividends, interest and royalties to take effect from July 1, 2004.
Usually, treaty provisions come into effect in the January following the ratification of a DTA by both participating parties. However, in the case of the US-Japan DTA, if the treaty is ratified by April 1, the withholding tax reductions will come into effect three months later.
The ACCJ has argued that timely ratification of the DTA will boost foreign direct investment into Japan.
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