Newsletter No.15 Top page

"J-GAAP and IFRS"

Japanese Taxes

Tax revisions for Individual Income Taxes

Payroll Updates

Miscellaneous

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OKAMOTO & COMPANY
International Accounting Office
/ Hanato Tax Accountant Office
Hirakawacho Daiichi Seimei Bldg.
1-2-10 Hirakawacho, Chiyoda-ku Tokyo, Japan 102-0093
TEL +81-3-5276-0900
FAX +81-3-5276-0950
E-mail:contact@okamoto-co.com

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Payroll Update

Japanese...
Major revisions to Employment Insurance (Effective March 31, 2009)
1 Eligibility criteria for employment insurance for non-permanent employees, such as part-time and leased employees, working over 20 but under 30 hours per week has changed. Previously, only employees with expected employment term of at least one year were eligible for the employment insurance but with the revision, employees with expected employment term of at least six months are now eligible.
2 Reductions in employment insurance rates (Only for 2009)
Employer contribution rate reduced from 0.9% to 0.7%
Employee contribution rate reduced from 0.6% to 0.4%
Reductions in Workmen's Accident Compensation Insurance Rates (Effective Workers' April 1, 2009)
Wholesale sector rate changed from 0.5% to 0.4%
Financial sector rate changed from 0.45% to 0.3%
Other business sector rate changed from 0.45% to 0.3%
Change in Annual Labor Insurance Return Filing dates
New filing acceptance period: June 1 to July 10
New payment due dates:
First installment: July 10
Second installment: October 31
Third installment: January 31 of the following year
Applicable year remains unchanged
(i.e. April to March - following year)
Changes in Health Insurance Rate and Pension Premium Rate (effective September 2009)
Health Insurance premium rate changed from 8.2% to 8.18% (Tokyo).
Pension premium rate changed from 15.35% to 15.704%.
Premiums for union sponsored health insurances will continue to be set by each union.
Copyright 2008 Okamoto & Company, Inc.