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Published:
Streamline expense settlement
Committee:
Taxstatus:
NewJapan has made significant strides in digital transformation, particularly through the adoption of cashless payments and secure data systems. Cashless payments and tamperproof systems, along with sensible rules on expense processing eliminated the need for receipts in a large portion of employee expense claims. However, the introduction of the Qualified Invoice System in October 2023 has inadvertently complicated expense claim processing by newly requiring receipts for almost all transactions, even for small cashless payments. Previously, companies could rely on electronic transaction data from credit card companies for expense claims without needing receipts.
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Published:
Pillar Two model rules for domestic implementation of a global minimum tax
Committee:
Taxstatus:
NewThe rules and guidance published by the OECD define the scope and set out the mechanism for the so-called Global Anti-Base Erosion (GloBE) rules under Pillar Two, which will introduce a global minimum corporate tax rate set at 15%. The GloBE rules provide for a co-ordinated system of taxation intended to ensure large MNE groups pay this minimum level of tax on income arising in each of the jurisdictions in which they operate.
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Published:
Life Cycle Assessment (LCA) and Environment Product Declaration (EPD)
Committee:
Materialsstatus:
NewLCAs and EPDs are becoming more common both as suppliers are disclosing the information as part of their transparency efforts and as buyers are requesting this to fulfil their environmental goals and requirement. In the EU, some standards, such as EN 15804+A4 for the construction related materials, and platforms for EPD, such as Environdec, are being used. In Japan we have Ecoleaf. As more and more data are being covered by LCA and EPD it is important that there is harmonisation between various systems to avoid that additional costs. This can become significant considering the number of products of a given company. It should be mentioned that some collaboration already exists. Usage of Product Category Rules (PCR) should be promoted and harmonised to reduce the efforts on EPDs of products within the same category. The EU is slightly more advanced/ahead in the efforts due to the already started implementation of CBAM.