A new, mandatory consumption tax invoicing system will begin in Japan on 1 October 2023. To allow businesses time to implement the new invoicing system, application of it will start four years after the introduction of multiple consumption tax rates. When the new invoicing system begins it will be called the “tax-qualified invoice method”. This method will be required for Japanese Consumption Tax (JCT) payers to preserve tax-qualified invoices issued by registered suppliers for tax credits.
Source BDO
Latest Posts in "Japan"
- Takaichi Vows Zero Consumption Tax on Food by Fiscal 2026 in Election Pledge
- Japan Mulls Scrapping Food Tax: Economic, Fiscal, and Yen Implications After Snap Election
- Japan Considers 2-Year Suspension of 8% Food Consumption Tax Amid Cost-of-Living Crisis
- Japan PM Takaichi Mulls Suspending Food Sales Tax Ahead of Snap Election, Reports Say
- Japan Weighs Consumption Tax Cut, Food Tax Exemption Ahead of Election
