As part of the 2021 tax reforms, the Japanese National Tax Authority (NTA) has released further updates on December 10, 2021.
As was announced initially, amendments to the Act of Electronic Preservation System for Documents related to National Taxes were to take effect on January 1, 2022. However, in the latest release from NTA, the effective date of these amendments has been extended by 2 years.
The amendments to the Act of Electronic Preservation System will now take effect on January 1, 2024. It is not necessary to submit an application at this time. From a practical level, this 2-year grace period has been granted to re-examine the current procedures of preservation of documents and their implementation.
Please note that the above mentioned ordinance is still inadequate at the time of these updates from NTA.
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