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Japan plans major overhaul of financial sector to enable Islamic finance

Posted on 06 January 2011

From Gfsnews.com: The Japanese Financial Services Authority is set to implement a detailed action plan over the coming year, with planned changes including reforms of international tax rules and a reforming of the tax treatment of OTC derivatives.Central to this will be a change to the tax system on cross-border transactions, aimed to promote participation from foreign investors in the Japanese securities markets.

These are aimed to enable Islamic finance in the region, and will go alongside changes designed to increase securities lending and to change international taxation principles from an ‘entire income principle’ to an ‘attributable income principle’…………………………………….Full Article: Source

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