Introduction of the invoice system: part 2
- 2023.02.13
- international tax, invoice, invoice system, qualified invoice system, Tax planning
The EU-like ‘invoice’ system will be introduced from October 2023. In principle, an application for registration as a qualified invoicing business was to be submitted to the tax office by the end of March 2023 to obtain a registration number. However, the introduction of the invoicing system has not yet fully penetrated the public. The Government has decided to extend the deadline for the registration application form until the end of September 2023. The consumption tax rate in Japan is 10%, but a reduced rate of 8% applies to ‘food and beverages excluding alcoholic beverages and restaurant food’ and ‘newspapers published at least twice a week for which a subscription agreement has been concluded’. Simply importing goods into Japan from abroad is represented as the invoice by an import permit. 1. if a foreign business operator conducts transactions in Japan and wishes to deduct Input VAT (=Input Consumption Tax) in its accounting books, he/she takes the following ways. 1) Taxpayer that are already for consumption tax in Japan By the end of September 2023, submit an ‘Application for Registration as a Qualified Invoicing Business’ to the tax office and obtain a registration number; from October onwards, issue an invoice with […]
