In Japan, there is currently a heated debate over the so-called JPY1.03 million barrier, and an increase in the basic deduction amount is being considered. However, in Germany, an increase in the basic deduction amount from 2025 has already been agreed upon by the government.
ASTHOM Partners Collaborates to Strengthen Support for Japanese Companies Globally 法人名 ASTHOM PARTNERS 株式会社 本社所在地 100-0004 東京都千代田区大手町 1-9-5 大手町フィナンシャルシティノースタワー24 階 代表者 虷澤篤志、齋藤俊輔 設立 2022 年 12 月 株式会社 AGS コンサルティングと Hotta Liesenberg Saito LLP の共同出資により設立。 資本金 1,000 万円 事業内容 企業の商標権、著作権、特許権等の知的財産権の取得、管理およびコンサルティング業務等 Web サイト https://asthom.co.jp/
On September 13, 2024, the Accounting Standards Board of Japan (ASBJ), which establishes the Japanese accounting standards, issued the “Accounting Standard for Lease Transactions” (hereinafter referred to as the “New Lease Accounting Standard”). This new lease accounting standard will be effective for fiscal years starting on or after April 1, 2027. This new lease accounting standard mandates accounting rules for “lease transactions” in Japan, which has already been introduced in the International Financial Reporting Standards (IFRS) and U.S.-GAAP.
ASTHOM PARTNERS Welcomes UK-based Greenback Alan LLP as a New Member ~ Providing Services Across 13 Countries and 35 Locations Worldwide ~ On June 19, 2024, the UK accounting firm Greenback Alan LLP (HQ: Spa Road, London; Managing Partner: Stephen Dabby) joined the global accounting network “ASTHOM PARTNERS”. With this addition, the member firms of ASTHOM PARTNERS now include AGS Consulting Co., Ltd. (HQ: Chiyoda-Ku, Tokyo; Chairman: Atsushi Kanzawa, President: Yoshihide Hirowatari, hereinafter “AGS”), Hotta Liesenberg Saito LLP (HQ: Torrance, California; Global CEO: Shunsuke Saito, hereinafter “HLS”), and Greenback Alan LLP.
1. Earn-out Payments are not Taxable Until Received 2. Reversal of Hidden Reserves: Profit Surcharge of 6% is Legal 3. Caution Against Occupational Hazards for Short-Term Employees 4. Basic Information of the Electronic Logbook – Changes Must be Excluded or At Least Documented 5. Job Search: Which Application Costs are Tax Deductible?
On May 2, 2024, the IRS released its Strategic Operation Plan (“SOP”) for the future. In this plan, it was revealed that the IRS aims to increase the number of tax examinations significantly. As a background, in August 2022, the U.S. Congress passed the Inflation Reduction Act (“IRA”), which aimed to invest in clean energy and reduce the budget deficit. With this law, a total of $80 Billion in additional funding was allocated to the IRS to increase tax revenues by strengthening tax enforcement. Specifically, the main focus was to increase revenue by modernizing the IRS to improve its services and strengthening tax examinations. Subsequently, in June 2023, the negotiations between Republicans and Democrats to reduce the budget deficit resulted in a reduction of $20 Billion from the additional budget for the IRS. Still, for the IRS, whose budget has been continuously cut, this additional budget represented a significant win. For the IRS facing a variety of challenges, this SOP is being viewed as a major step toward reform.
Vol 1. Outline In accordance with the tax reforms for 2024, a special tax reduction (“Teigaku Genzei”) will be implemented for the income tax and individual inhabitant tax. The related payroll and administrative tasks will get somewhat complicated. Through this three-part series (No.1 Outline of the tax reduction, No.2 Monthly payroll procedure, and No.3 Year-end payroll procedure (“Nenmatsu Chosei”), we will explain about the tax reductions and related administrative procedures. Here, it will be focused on the case of salaried employees. (1) Income Tax (1) Individuals (Only residents of Japan) : JPY 30,000 (2) Spouse and dependents of the same household (Only residents of Japan) : JPY 30,000 per person The tax reduction will be executed by deducting from the tax withheld in the first payroll in June and thereafter, and any amount not fully reduced in June will be deducted sequentially in the subsequent months. It is called Monthly tax reduction procedure. download worksheet (2) Inhabitant Tax (3) Q&A 1. What happens to any tax reduction not fully deducted from my salary? This reduction will not apply to any salaries paid from January 2025 onwards. The portion that cannot be fully deducted will be paid as a benefit. If
1. Uncertainties regarding Real Estate Transfer Tax have been eliminated 2. Shareholder Managing Director : Private Use of Company Car is to be assumed 3. Meals from the Employer as Non-Cash Benefits will apply from 2024 4. New Income Limits for Parental Allowance (Elterngeld)
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