IE Singapore iadvisory Seminar Doing Business in Japan: General Overview of Taxation in Japan

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1 IE Singapore iadvisory Seminar Doing Business in Japan: General Overview of Taxation in Japan KPMG Tax Corporation March 12, 2013

2 Overview of Japanese tax (1/4) In general, a high tax jurisdiction Primary taxes Corporate income tax Pre-1/4/2015 National 28.05% (25.5% % surtax) Local (approx) 10-11% Post-1/4/ % Effective tax rate (approx) 38-39% 35-37% Consumption tax (VAT-type tax) 5% currently To increase to 8% from 1 April 2014, 10% from 1 October 2015 member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 1

3 Overview of Japanese tax (2/4) Primary taxes Capital gain Full corporate tax for resident entities Non-resident companies: 28.05% (to fall to 25.5% for fiscal years starting on or after 1 April 2015) on: Gain from directly held real estate Shares in a Japanese company where: Investor holds 25% or more of the total issued shares and disposes of more than 5% in one fiscal year The investment is a real estate holding company and shareholding is more than 5% for a listed company, more than 2% for an unlisted company Treaty provides only limited protection member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 2

4 Overview of Japanese tax (3/4) Primary taxes (cont.) Withholding tax Dividends, interest, royalties generally 20.42% under domestic law Treaty provides reduced rates: 10% for interest, royalties 5 15% for dividends Rent to non-residents 20.42% No protection under treaty Capital gain on sale of real estate 10.21% of proceeds No protection under treaty member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 3

5 Overview of Japanese tax (4/4) Indirect taxes Customs taxes Real estate acquisition tax Business office taxes Fixed asset taxes Etc. Surtaxes to fund post 3.11 reconstruction 10% of national corporation tax liability (3 years) 2.1% of income tax liability (25 years) member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 4

6 Industry specific considerations (1/4) Renewable energy Feed-in tariff (FIT) Special provision requiring electric companies to purchase electricity from renewable sources at a fixed price for a certain duration Solar facility FIT is around highest in the world (initial FIT approx. JPY 42 per kwh, expected to decrease to around JPY 37 per kwh) Current buyback period of 20 years Different effective tax rate for energy suppliers: 33.3% currently 30.78% for fiscal years starting on or after 1 April 2013 Business tax separately taxed approx 1.3% of gross energy revenues Temporary investment incentives Accelerated or one time depreciation of facilities OR tax credit of 7% of investment value (credit for small / medium enterprises only) Reduction in tax basis for fixed asset tax member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 5

7 Industry specific considerations (2/4) Elderly care Real estate focused investment Transfer of real estate ownership to a SPC (Special Purpose Company) structure for tax efficiency Lease use of property to operating company Potential consumption tax issues Rental income on retirement housing is non taxable Following, refund of consumption tax paid on acquisition of retirement housing facility limited member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 6

8 Industry specific considerations (3/4) Investor TMK Structure Efficient structure for holding real estate Singapore Japan Offshore shareholder Equity < 50% Equity & debt TMK subject to full corporate tax, but may deduct dividends provided certain requirements are satisfied, for example: Bonds must be issued to a QII (Qualified Institutional Investor) Over 50% of equity must be issued onshore QII Bonds TMK Equity > 50% Onshore shareholder Treaty with Singapore allows for effective tax rate of structure around 20% (and potentially less) Asset Manager May be practically difficult to use for solar investments Investment member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 7

9 Industry specific considerations (4/4) TK Structure TK Investor TK operator controls and operates the business and the TK investor is a silent investor TK investment Singapore TK operator is subject to full corporate tax, but may deduct TK profit distributions to TK investors Japan Main tax is withholding on profit distributions to TK investor Bank Loan TK Operator (GK) Asset Manager TK distributions 20.42% at time of payment (no treaty benefits available) Can be used for solar investments Investment member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 8

10 Thank you Presentation by David Lewis

11 Contact David B. Lewis Partner, Transaction Advisory Group KPMG Tax Corporation TEL : +81 (3) The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.

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