- Japan has implemented a new qualified invoice regime for the deductibility of Consumption Tax invoices.
- E-invoicing is being supported as an option, using the Peppol BIS Billing 3.0 International standard.
- The Japanese version of this standard is called ‘JP PINT’.
- The introduction of Qualified Invoices in 2023 replaces the current Transitional Invoice Retention System.
- Previously, Japan did not use VAT invoices and instead relied on prescribed tax books.
- The change was made due to the increase in the Consumption Tax rate and the introduction of a reduced rate.
- Qualified invoices must include specific information such as the date, invoice identification number, customer identification, description of taxable service, price, and Consumption Tax charge.
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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