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Accounting practice since 1989

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11th Edition tax-haven, the Japanese CPA exam, Lawrence Peter

December 29, 2009

1.Taxation(Source: “Nihon Keizai Shimbun”)

The Government Tax Advisory Council is working with related parties to lower the corporate tax threshold used in determining tax-haven status, from the current 25% to just over 20%. The effective corporate tax rate in Japan is currently 40%, which is the highest among economically advanced nations.

2.Accounting(Source: “Keieizaimu Magazine”)

In 2009, the number of examinees who passed the Japanese CPA exam was 2,229 out of 21,255 applicants (pass rate for the exam was 10.5%). This is a decrease of nearly 1,500 from the previous year, when the number of passers was 3,625.

The Financial Services Agency (FSA) supervises the CPA exam in Japan. CPAs do not run the examination system independently from the FSA.

3.This Week’s Words of Wisdom (Source: “English words of wisdom to enrich life”)
“Only mediocrities rise to the top in a system that won’t tolerate wave making.”
(Lawrence Peter, Canadian novelist)

This seems to be a universal phenomenon and not specific to a particular culture or era.
In Japan, there is a term called “flatfish-type executive”. In a large Japanese company, employees usually need talent to become a manager, but further promotion often depends on how well that person can win the favor of his/her boss. Therefore, an executive who was promoted by flattering his/her superior is likened to a flatfish that has eyes only on the upside.

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  • “Our Group operates worldwide in the fashion and luxury goods sector and is active in the design, production and distribution of a wide range of products that includes prêt-a-porter, footwear and leather goods.

    We started our collaboration with Nagamine & Mishima Accounting Office since we decided to establish our subsidiary Aeffe Japan in November 2008. N&M supported us during the start up of this company in particular with the accounting, payroll, cash management and tax services and gave their total collaboration when Aeffe Japan built-up Its own financial department. We found a very high quality support and punctual answers to different one-shot questions that also helped us to understand, in an easy way, a really different way to operate.

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    We are very satisfied to have chosen N&M.”

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    Aeffe Japan KK