Japan: Japanese consumption tax qualified invoices

In brief

Japan’s consumption tax (JCT) system has been amended to introduce a qualified invoice requirement. The amendment has been subject to a lengthy grace period. However, the effective date for the new requirement is now approaching, with the new rules coming into effect from 1 October 2023. In this context, this alert provides a reminder of the upcoming changes as well as practical comments on the impact of the changes on different business models.