From 1 October 2023, Japan will introduce a new JCT (Japan Consumption Tax) system.
Sellers will need to register with the tax office in order to obtain a consumption tax ID.
This ID must be printed on compliant invoices and the deadline for companies to register to obtain an ID is 31 March 2023.
The below information must be included on the new invoices:
- Supplier name;
- Supplier Tax ID number;
- Date of transaction;
- Description of goods/services;
- Invoice amount with applicable tax rate;
- Consumption tax amount; and
- Customer name.
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