A new, mandatory consumption tax invoicing system will begin in Japan on 1 October 2023. To allow businesses time to implement the new invoicing system, application of it will start four years after the introduction of multiple consumption tax rates. When the new invoicing system begins it will be called the “tax-qualified invoice method”. This method will be required for Japanese Consumption Tax (JCT) payers to preserve tax-qualified invoices issued by registered suppliers for tax credits.
Source BDO
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