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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...

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As a member firm of Grant Thornton International (GTIL), we provide international-standard audit & assurance services. We perform audit services effectively and efficiently by utilising our global audit methodologyo deliver consistent audit services globally and the integrated audit tool (Leap) to maintain audit quality and improve audit efficiency. Also our audit services are regularly reviewed by GTIL review team, thereby allowing us to further improve our audit quality.
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JAPAN TAX BULLETIN

Qualified invoice system Q&A Part 2

2022/10/192 min read

Contents

The Consumption Tax Law was introduced in 1989.
Consumption tax(“JCT”)is a value added tax where a taxable enterprise pays the difference between the output taxes it collects and input taxes it pays during a tax period. In order to claim an input tax credit on taxable purchases, the requirement has been to maintain books and ledgers on taxable purchases and retain evidence such as invoices. From 1 October 2023, the input tax credit is only allowed for taxable purchases that pertain to qualified invoices issued by registered qualified invoice issuing enterprises with some transition rules. The following is an extract from a Q&A regarding the new input tax credit requirements for tax exempt enterprise s in particular, under the Qualified Invoicing System and the transitional provision s by National Tax Agency.

...To read the rest of the article, click on the PDF file below.