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1978 JASLS Rep. 1 (1978)

handle is hein.journals/jasls1 and id is 1 raw text is: 1978 Issue No. 1 January 25, 1978 I. Recent Legislation Antitrust--The 1977 amendments (Law No. 63, 1977) to the Japanese Antimonopoly and Fair Trade law became effective on December 2, 1977. The revisions significantly strengthen the existing statute, empowering the Japanese Fair Trade Commission (1) to take remedial action against entrepreneurs determined to be in a state of monopoly; (2) to surcharge profits derived from illegal cartels; and (3) to require justification of partial price increases. The amendments also (4) prohibit excessive shareholdings in domestic corporations by non- financial institutions; (5) reduce the permissible limits of outside shareholdings by financial institutions from 10% to 5% of the issued shares in a corporation; (6) require shareholding reports by domestic firms with total assets of 5 billion yen or more (such reports being previously required only of foreign companies); (7) authorize the FTC to order deletion of contract provisions determines that the FTC constitute unfair business practices or to take other necessary measures to eliminate unfair business practices and (8) strengthen the enforcement and procedural provisions of the law. Reportedly, related cabinet orders have been issued under which the FTC has designated 26 lines of business (by product) to be in a state of monopoly and subject to future FTC action. In the words of Osamu Hashiguchi, the current Chairman of the FTC, the law has given the Commission new life. A detailed comment is planned for Volume 11 of Law in Japan. For background, see Recent Developments, 9 Law in Japan 159 (1976). Tax--The following statutes have been recently enacted. (a) The Law amending the Special Measures Law on Taxation (Law No. 5, March 31, 1976) includes: Provisions for losses by Japanese companies relating to losses in construction projects in foreign countries. Provisions for determining corporate profits. Provisions for the switching or conversion of small and medium enterprises and their losses. Provisions for the development and promotion of the fishing industry. Provisions for the registration and taxation of land acquired from the government. Taxation of petroleum products and automobiles and trucks. Provisions for electricity development corporations. Income from the leasing of vessels.

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