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In order to promote corporate transformation and encourage growth in the post COVID-19 environment, the Japanese government is revising the Industrial Competitiveness Enhancement Act (ICEA). In connection with this, the 2021 Tax Reform introduces certain special tax measures designed to promote the new objectives and focus areas of the ICEA.

This newsletter explains the structure of the revised ICEA, as well as outlining the tax measures that are provided for each of the three areas of focus of the ICEA. The revised bill of the ICEA was approved in the Diet on 9 June 2021, although the effective date is not yet determined.