Consumption tax invoice system introduction support service

Consumption tax invoice system introduction support service

The consumption tax invoice system, which will go into effect on October 1, 2023,

requires the seller to issue qualified invoices, etc. that meet certain requirements,

and the deduction of purchase tax on the buyer’s side requires the preservation of such qualified invoices, etc.

MASA Tax Consulting provides support for the introduction of this system by experts who are well versed in the complexities of consumption tax.

 

Consumption tax invoice system

The consumption tax invoice system (qualified invoice storage method) will be enforced in Japan from October 1, 2023.

Under this system, the seller is obligated to issue qualified invoices, etc. that meet certain requirements,

and the buyer’s tax credit is based on the preservation of the qualified invoices, etc.

In order to issue qualified invoices, etc.,

an application for registration must be submitted by March 31, 2023 in principle.

In addition, there are a wide range of other issues to be considered in the introduction of the system.

 

Major issues to be considered

The impact of the introduction of the consumption tax invoice system includes not only accounting work such as invoice formats and tax filing related work,

but also legal considerations such as price negotiations with business partners and other compliance issues.

Major issues to be considered
  • How to manage and storage invoice for tax audits
  • What to fill out for the qualified invoices
  • How to manage suppliers (Will they be qualified invoice issuers or not?)
  • Accounting journal entries and sales tax codes for journal entries
  • Calculation of consumption tax on sales and purchases
  • Consideration of transitional measures
  • Is it possible to request tax-exempt suppliers to lower the price?
  • Drafting a communication plan with business partners

 

Preparation for the start of the consumption tax invoice system

Since various issues such as system modification and negotiations with business partners must be resolved by October 1, 2023,

when the consumption tax invoice system is to be implemented,

it is essential that each company begin adequate preparation and identification of points to consider before the system is launched.

 

The service we provide

Each company’s situation in dealing with the consumption tax invoice system is very different, and the priority of points to consider differs.

MASA Tax Consulting has a system in place to provide services tailored to the needs of each company, with experts who combine a wealth of experience and knowledge.

 

~The representative tax accountant will always respond responsibly.~

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税理士岩沢将志の写真

Masashi Iwasawa

Certified Accountant / Business Advisor / Taxation Consultant based in Tokyo.
Lover of traveling, climbing mountains, reading books, learning new languages, and gym.