The changes to the tax law announced in October last year were passed by the Diet on March 20th 2014. Main changes apply April 1st 2014, and include:

• Consumption tax increased from 5% to 8% until September 30th 2015, and a possible increase to 10% after that
• Abolishment of the Special Reconstruction Corporate Tax (10%), which lowers the effective corporate tax rate to 35.64%
• The tax credit f…