The annual filing of the corporate tax return has to be done within 2 months of the last day of the fiscal year at the taxation office where the company has its registered business address. The final financial figures with regard to the corporate earnings and the taxable amounts need to be correctly calculated and require the approval from the majority of the votes casted at the general meeting of the shareholders of the company. NTA provide a workflow with regard to the closing of accounts and final return.
White and Blue Form Tax Returns
Based upon the self-assessment principle and aiming to improve accurate tax returns, Japan allows corporations to use tax return based upon the blue form (white form is the default standard system), allowing the taxpayer to benefit from some procedural and administrative advantages. Blue form filing will require approval from the head of the local tax office meaning also that this privileged status can be revoked anytime in case the taxpayer is not keeping this accounting books properly.
On Blue return system see NTA
Interim tax return and tax payment
Companies whose taxable years exceed six months must file an interim tax return within two months from the day marking the end of the first six months of the taxable year.
If the amount of the annual Corporation tax for the preceding fiscal year multiplied by six and divided by the number of months of the preceding fiscal year is JPY 100 000 or less, the company is generally not required to file interim tax return.
Final tax return and tax payment
Companies must file a final tax return for Corporation tax, Inhabitant tax and Enterprise tax on their income within two months from the day following the last day of each taxable year, whether the income is positive or not. The calculated tax must also be paid within this period.
A company’s final return must be accompanied by the company’s balance sheet, profit and loss statement, statement of changes in net assets, details of accounts, statement of outline of business activities and, depending upon circumstances, certain other prescribed documents.
Taxpayers who have filed returns with excessive tax amounts may request, no later than five years from the statutory due date of tax filing, that the district director of the tax office within their jurisdiction reassess their tax amount.