1. Taxation (Source: “Zeimutsushin Magazine”)
Stamp duty is levied on contracts and other legal documents in paper form. Accordingly, if a contract or order is executed via the internet, stamp duty is not charged because no document in paper form exists. Details can be found on the Japanese National Tax Agency website.
However, if a physical document is delivered after electronic transmission, such document will be subject to stamp duty since it will be regarded as a delivery of the original copy.
2. Accounting (Source: “Keieizaimu Magazine”)
In its recently published opinion on tax legislation, the Japan Chamber of Commerce and Industry (JCCI) states that accounting standards should be applied differently between consolidated and individual financial statements in the adoption of IFRS to Japan. JCCI is of the opinion that local GAAP should continue to be applied to individual financial statements.
3．This Week’s Words of Wisdom
“Life’s but a walking shadow, a poor player
That struts and frets his hour upon the stage
And then is heard no more:”
(from Macbeth by William Shakespeare)
This is a famous line by Shakespeare. His cynical way of looking at life has something in common with Kenko’s “Essays in Idleness (Tsurezuregusa)”.