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Signing of the New Japan-US Income Tax Convention

November 2003

1. On November 6 in Washington (Japan time: 6:30 am of November 7), Ambassador of Japan to the United States Ryozo Kato and Treasury Secretary John W. Snow of the United States signed the "CONVENTION BETWEEN THE GOVERNMENT OF JAPAN AND THE GOVERNMENT OF THE UNITED STATES OF AMERICA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME" [PDF] (hereinafter referred to as the "New Convention").
2. The New Convention is a complete modernization of the existing Convention between the two countries, which is now over 30 years old. The New Convention which reflects the deepening economic ties between Japan and the United States, most significantly, provides for substantial reductions in the withholding taxes imposed on cross-border dividends, interest and royalties.