June 27, 2008
Financial Services Agency
FSA issued the "Reference Cases" and the "Q&A" regarding the "Independent Agent Exemption" of fund managers
The FY2008 Tax Reform introduced a provision that would exempt "independent agents" from those agents treated as permanent establishments (agent-PE) under domestic law (presumably related to Article 290 of the Cabinet Order for implementing the Income Tax Act and Article 186 of the Cabinet Order for implementing the Corporation Tax Act).
The FSA has continued to hold discussions with the Ministry of Finance's Tax Bureau and the National Tax Agency to clarify the scope of this new exemption, especially the meaning of being "independent." At this time, the FSA has compiled a collection of "reference cases" regarding the determination of whether a domestic investment manager conducting certain investment activities under a discretionary agreement with an offshore fund is treated as an "independent agent." The FSA is also releasing the "Q&A" regarding the questions about the practical application of this exemption.
The FSA expects that these "reference cases" and the "Q&A" will contribute to making the Japanese financial markets more attractive internationally
Contact
Financial Services Agency
Planning Division/Financial Markets Division
Planning and Coordination Bureau
foreignpr@fsa.go.jp
Site Map
- Press Releases & Public RelationsPage list Open
- Press Releases
- Press Conferences
- Official Statements
- FSA Weekly Review & ACCESS FSA
- Speeches
- For Financial Users
- Others
- Archives
- Laws & RegulationsPage list Open
- Name of Laws and Regulations(PDF)
- Recent Changes (Legislation, Ordinances, Guidelines)
- Guidelines
- Financial Instruments and Exchange Act
- Financial Monitoring Policy
- Public Comment
- No-Action Letter System
- Procedures concerning Foreign Account Management Institutions