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Japan To Extract Higher Tax Revenues From Foreign Investors

by Mary Swire, Tax-News.com, Hong Kong

07 December 2004


According to reports, Japan is examining ways to collect more tax from foreign investors through the introduction of new taxes and the closure of loopholes used by overseas firms in property-related transactions.

The Japanese business daily Nihon Keizai Shimbun reported yesterday that the government’s tax reform advisory panel has drawn up proposals designed to “beef up taxation of overseas investors.”

It is thought that the government would achieve this target by introducing withholding taxes on foreign investors and widening the scope of capital gains tax on investment in real estate.

The new proposals are scheduled to be published later in December ready to be implemented in the fiscal year beginning April 2005.


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