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Japan Tax Reforms, Budget Updates in Australia and the latest tax developments in the U.S. and Hong Kong.

Family Consulting: Tax and Regulation Newsletter March 2020

In the March 2020 edition of Deloitte Japan’s Family Consulting: Tax & Regulation Newsletter, we look in to the latest and relevant tax updates in key countries of interest. In Japan, the 2020 proposals include changes to the tax consolidation system and provisions impacting individuals. In the U.S., there has been developments related to foreign tax credits, source of include from sales of personal property.

This newsletter explains the following topics;

Country/Regional Update 
  • Japan
     ≫ 2020 Tax Reform Proposals – Announced by the Liberal Democratic Party
     ≫ International Tax
     ≫ Individual Tax
  • United States
     ≫ US District Court rules on penalties for violating reporting obligations related to foreign trusts
     ≫ Congress approves tax relief and spending legislation
     ≫ Final regulations issued on foreign tax credits
     ≫ Proposed regulations issued on source of income from sales of personal property
     ≫ IRS updates FAQs on virtual currency
  • Australia
     ≫ Government releases budget updates
  • Hong Kong
     ≫ Tax concessions to be implemented – amendment bill passed
(184KB, PDF)

* This Article is based on the relevant Japanese or specific country’s tax law and other authorities in effect on the date of this Article. This Article would not be guaranteed updating if there are any changes in Japanese tax law, any other law, or interpretations by the courts or tax authorities thereof after the date of this Article.

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