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Japan's Stimulus PackageApril 2009Japan's prime minister Taro Aso announced on April 10, 2009 a new historic $ 150 billion (Yen 15 trillion ) stimulus package. The new plan follows two previous stimulus packages totalling Yen 12 trillion. Presently Japan faces its worst recession since World War 2, mainly due to the sharp decline in exports to the U.S. The new package which has to be approved later in April includes, inter alia, benefits granting a $ 2,500 bonus to people trading old cars 13 years or more, benefits towards unemployment, companies in crisis, infrastructure, health and welfare. The prime minister also supports dramatic tax reforms, including increase of the consumption tax. Japan Australia Double Taxation Treaty- New Double taxation AgreementAugust 2007Japan and Australia agreed to revise the double taxation treaty, already existing for 38 years. The revised treaty would reduce withholding taxes, mainly inter company dividends and interest. The revised treaty is expected to improve the investment relationship between the 2 countries. The new treaty has yet to be approved by the parliments in Japan and Australia. Japan and UK New Double taxation AgreementOctober 2006On 12.10.2006 the new double taxation agreement between Japan and the UK entered into force. Japan Social SecurityJuly 2005Japan and The U.S. signed a double social security tax agreement, effective 1.10.2005. According to the treaty credits from both countries could be combined together. The tax on the same income would be paid in one country only. Income TaxApril 2005From 1.4.2005 companies can get a tax credit for training expenses. The credit is 10% of the company's corporate tax,or 20% of the increase of the training expense compared to the average expense in the last 2 years,whichever is smaller. |
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