The Japanese Cabinet approved the resolution for the 2025 tax reform outline on 27 December 2024, including measures regarding personal income tax, corporation tax, consumption tax, international taxation, and others. With respect to corporation tax, some of the main measures include: The introduction of a 4% special defense corporation tax (surtax) that will be levied on corporation tax without income tax credits, foreign tax credits, and certain other credits, with a JPY 5 million basic deduction, which will result in an increase in the effective tax rate by approximately 0.9% for companies subject to size-based taxation and by approximately 0.85%...