１.Accounting (Source: “Keiei Zaimu” Magazine)
～Attracting foreign company listings by expanding the scope of English disclosure～
The Financial Services Agency launched a “Disclosure System Working Group” to begin discussions on whether to allow foreign companies listing in Japan to submit issuers’ disclosure documents in the English language. The number of foreign companies listed on the Tokyo Stock Exchange has been declining, falling to 12 companies as of October 2010 after peaking at 127 in 1991. The purpose of the discussions is to create an environment that promotes foreign listings by reducing Japanese translation costs and other burdens on foreign issuers.
２.Taxation (Source: “Zeimu Tsushin” Magazine)
The revised protocols of the “Japan-Netherlands Tax Treaty” and the “Japan-Switzerland Tax Treaty” are both expected to enter into force on January 1, 2012.
After the revision, tax rates on investment income will be reduced under both treaties. Furthermore, the Japan-Switzerland Tax Treaty contains a provision that obligates the exchange of confidential bank information between the contracting states.
３.This Week’s Words of Wisdom (Source:NHK Television “The World of Famous E-Quotes”)
“Nature revolves, but Man advances.”
(Edward Young)
The English poet Mr. Young was living at a time when the Hanoverian dynasty, the origins of today’s British monarchy, dawned in England. The era was marked by the appearance of John Locke in the field of political philosophy and Isaac Newton in the field of natural science, which paved the way to Britain’s golden ages in the Victorian period. This quote, I believe, was born against this historical backdrop.
The phrase “Man advances” in this quote most likely embodies the concept of human society conquering the harshness of nature. Now that humans are capable of controlling nature to some extent, the advance of mankind may be seen as the level of economic development and wealth.
However, I am convinced that there are a lot of people who feel that progress of mankind cannot be truly measured by economic growth in the modern society today. This is a question that I always have in mind. Undoubtedely, there is an end to every economic development model, the typical case being Japan. China is currently enjoying a booming economy, but here again, the player will change someday.
I believe that the traditional approach of measuring human advancement by economic growth is already obsolete. Indeed, it is hard to say that Japan, with 30,000 suicides a year and the majority being middle-aged and elderly citizens, is truly an advanced country.