Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 18-10-2011 Last Replied Date:- 30-12-1899 – In Japan, the equivalent of VAT or GST is known as Consumption Tax(CT) and was introduced in January 1989. It requires re-calculation and payments to the tax authorities at each transaction point in the onward sales chain. The Japanese Consumption Tax rate is currently 5% and out of which 4% is national levy and 1% regional levy. Companies are not required to formally register with the Japanese Tax authorities for Consumption Tax . The tax authorities takes into account the first tax filing as the application for registration and a tax office will be allocated to the company. A foreign, non-resident trader is required to appoint a tax age
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company s transactions related to the supply of the relevant goods or services. If there is any consumption tax due that should be paid simultaneously with the filing of the tax return. The tax authorities require payments of CT liabilities to be made in Japan at an authorised bank or post office. There may be a statutory obligation for foreign companies providing goods or services in Japan to charge Consumption Tax. This includes the ongoing compliance requirements to file periodic tax returns and pay over any consumption tax due to the Japanese tax office. Following are the situations which require Japanese compliance: * Where goods are delivered within Japan * Supply of services. For e.g: consulting services, sports events, entertainmen
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