Domestic accounting and tax practices

Accounting
  • Book-keeping
  • Advice on the accounts based on "Generally accepted accounting principles for the medium and small-sized companies"
Tax
  • Preparation and filing of the tax returns
  • Preparation and filing of tax reports related to salary inocome
  • Tax consultation
  • Attendance to tax audit

International accounting and tax practices

Accounting
  • Book-keeping
  • Advice on financial reports based on the International Financial Reporting Standards (“IFRS”)
Tax
  • Preparation and filing of the tax returns
  • Preparation and filing of tax reports related to salary inocome
  • Attendance to tax audit
  • Tax consultation on the areas specific on foreign companies
  • Tax consultation on “Tax haven regulation” (note 1) and “Transfer pricing regulation” taxation (note 2)
  • Other international tax areas

Note 1 Tax haven regulation :

This is the regulation to prevent domestic corporations from evading taxes by retaining income at a foreign subsidiary established in the low tax rate countries. A domestic corporation is taxed even including the taxable income equivalent to its portion in the retained earnings of such foreign subsidiary.

Note 2 Transfer pricing regulation:

This is the regulation to prevent corporations from setting the prices in the transactions with overseas affiliated companies at the level which is different from arm's-length price so as to transfer profits overseas. The transaction is treated as having occurred at the arm's length price if the price in that transaction differs from the arm's length price.
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