The Japanese Bankers Association today released proposals for Fiscal Year 2008 Tax Reform, which is the finalized form of the outline issued on July 24.
Depending on the result of tax reform plan, foreign investors may be able to enjoy withholding tax exemption on interest of book-entry, non-JGB bonds sometime in the near future, according to the Bank of Tokyo-Mitsubishi. In addition, simplification of application procedures for DTT may enable US and UK investors and their global custodians to reduce paperwork.