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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