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Publications 著书和论文
简报

Opening the Door to Using Stock as Consideration in Stock Acquisitions – 2018 Tax Reform and Amendment to the Industrial Competitiveness Enhancement Act –

NO&T Japan Legal Update

著者等
粟谷翔
出版社
长岛・大野・常松律师事务所
书籍名或刊登
杂志
NO&T Japan Legal Update 第13号(2018年3月)
语言

英文

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业务领域
请注意,本简报的目的是提供信息,并非提供法律建议。另外,本简报仅包括根据发行日(制作日)时点的信息,不包括该时点之后的信息。特别是速报可能会与现状的解释或惯例不同,敬请留意。

I. Introduction
In Japan, stock is commonly used as consideration in an acquisition, but only when the acquisition takes the form of a merger (in Japanese, ‘gappei’) (including a triangular merger) or a share exchange (in Japanese, ‘kabushiki koukan’) (including a triangular share exchange). Stock is rarely used as consideration in other types of acquisition, such as a tender offer or a private sale of stock of a target company. This is for mainly two reasons: (i) capital gains tax implications, and (ii) certain restrictive requirements under the Companies Act (Act No. 86 of 2005, as amended).
In February 2018, the Japanese Cabinet proposed to the National Diet a combination of a tax reform and an amendment to the Industrial Competitiveness Enhancement Act (Act No. 98 of 2013, as amended) (the ‘Enhancement Act’); the combination of which is expected to clear these two hurdles for specific types of transaction that have been submitted to, and authorized by, the Ministry of Economy, Trade and Industry (‘METI’). The tax reform bills passed the Diet on March 28, 2018, while the amendment to the Enhancement Act remains under deliberation at the House of Representatives. These legislative developments are expected to open the door to the use of stock as consideration in acquisitions other than mergers or share exchanges.

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