How can Taxes and Accounting services help?
Taxes and accounting services are critical components of a successful company's business development. Knowing the ins and outs of taxation and business structure is the business of taxes and accounting specialists. They are dedicated and often passionate about providing up-to-date technical and industry knowledge, up-to-date tax management assistance and about maximising their client's performance. Accounting services, from book keeping to certification of annual accounts, auditing services and other key advices regarding fiscal optimization and VAT management are, in particular, very important in the day to day business, accounting and fiscal life of a corporation.What do Taxes and Accounting services consist of?
Taxes and accounting specialists offer vital assistance to companies and bring them expertise, advices and solutions for this very important aspect of their business development: from Income Tax Returns, Financial Position Statements and Capital Gains Tax Issues when applicable, to Tax Planning and Business Structuring, Payroll issues, Management Accounts and Cash Flow Forecasts. They can also offer business coaching and business advising as well as financial planning, corporate secretarial services, and other specific legal services. Being aware of and using services available in terms of taxes and accounting is important for any organization: accountants and other fiscal specialists provide valuable and profitable input and are willing to enhance their clients performances.
Accounting Services in Japan
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Accounting in Japan
The corporate taxing and accounting system in Japan is primarily governed by a set of three laws called ‘triangular legal system’. These three laws are: Commercial Code (focuses on the laws and accounting practices related to creditors and tax collection), the Securities and Exchange Law (meant to protect general investors), and the Corporate Inc... Read more
Accounting in Japan
The corporate taxing and accounting system in Japan is primarily governed by a set of three laws called ‘triangular legal system’. These three laws are: Commercial Code (focuses on the laws and accounting practices related to creditors and tax collection), the Securities and Exchange Law (meant to protect general investors), and the Corporate Income Tax Law (provides methods for calculating corporate taxable income). Out of these three laws, the Corporate Income Tax Law is considered with the highest regard amongst Japanese companies since the auditors will rarely ask a company to revise its financial statements if prepared in accordance with the tax rules.
However, this triangular system for taxing and accounting in Japan is generally thought to be ineffective because these laws create a conflicting influence on each other in terms of reflecting the true financial situation of Japanese companies. Since the Japanese ‘Financial Big-Bang’ of 1996 when radical changes were made in the country’s accounting, auditing, and disclosure system, several new accounting standards were introduced to align the taxing and accounting system in Japan with the International Accounting Standards. Amongst these are: the requirement to file consolidated financial statements with the Ministry of Finance, semi-annual interim reporting, pension cost accounting, accounting for financial instruments including derivatives, and fair-value reporting on marketable securities. This paves the way for complete transition of taxing and accounting system in Japan to IFRS (International Financial Reporting Standards) in the future, although no decision has been taken yet.
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