Basic Stance toward Tax

For companies operating on a global basis, efforts to comply with the tax laws of each jurisdiction and enhance tax management are becoming increasingly important. In this business environment, in order to operate responsibly and transparently with foresight, serve client needs, enable our people to flourish, and help to improve society and the communities where we do business, Mizuho is working under the direction of our Group CFO to fulfill our tax liabilities appropriately in the jurisdictions where value is created in our business activities, in compliance with applicable tax laws and regulations in any jurisdictions, as well as tax guidelines published by international institutions such as the OECD. We do not operate in tax-free or low tax jurisdictions (known as tax havens) where the sole aim of business is to achieve tax avoidance or profit shifting which are against the spirit of tax laws. We are also working to strengthen the tax literacy of Mizuho employees through internal education and training about the Tax Policy described below and our approach to tax matters.

Tax Policy

Through resolution of the Board of Directors, we established and publicly released a Tax Policy, which sets forth a group–wide, uniform approach to tax matters to fulfill our corporate social responsibilities, and to increase corporate value by establishing and enhancing our credibility and reputation in the eyes of shareholders, investors, and all customers across the globe. The Group CFO also report, whenever necessary on a case–by–case basis, on tax–related issues or efforts to the Board of Directors, Audit Committee, Executive Management Committee, and the President & CEO.

 

Tax Policy

This policy establishes the basic provisions relating to the appropriate fulfillment of tax liabilities by the Mizuho group as a whole, which is one of our important corporate social responsibilities.

Legal Compliance

We are committed to comply rigorously with applicable tax laws, regulations, circular notices, guidelines, and tax treaties in any jurisdictions where we operate, and to fulfill appropriate tax liabilities.
We do not engage in any business activities where the sole aim is to achieve tax avoidance or profit shifting which are against the spirit of tax laws.

Transfer Pricing Taxation

We carry out cross–border transactions with overseas affiliates at arm's length prices in accordance with the OECD Transfer Pricing Guidelines.

Tax Planning

We seek to manage our tax costs appropriately by eliminating double taxation under applicable tax treaties, and by utilizing incentives, reliefs, and exemptions in line with the spirit of tax laws.

Transparent Disclosure

We endeavor to disclose our Tax Policy and tax–related information in a fair, timely, and appropriate manner.

Relationship with Tax Authorities

We seek to build and maintain good relationships with tax authorities through constructive dialogue.

Basic Stance toward Customers

We provide the highest quality financial services to our customers, and do not provide products and services where the sole aim is to achieve tax avoidance and profit shifting which are against the spirit of tax laws.

Current Corporate Income Taxes by Country (FY2023)

（JPY billion）

Tax Jurisdiction Revenue Profit (Loss) before Income Tax Income Tax Accrued - Current Year Income Tax Paid (on Cash Basis) Number of Employees (persons) Company/Branch name Main business
  Share
UNITED STATES 4,423 358 125 44.9% 139 3,333 Mizuho Bank, Ltd. - New York Branch Banking
Mizuho Securities USA LLC Securities
Mizuho Capital Markets LLC Derivative
Mizuho Bank (USA) Banking and trust
JAPAN 3,706 118 37 13.3% ▲20 41,122 Mizuho Bank, Ltd. Banking
Mizuho Trust & Banking Co., Ltd. Trust and banking
Mizuho Securities Co., Ltd. Securities
Mizuho Research & Technologies, Ltd. Information technology,
think tank consulting
UNITED KINGDOM 677 104 38 13.7% 31 1,590 Mizuho Bank, Ltd. - London Branch Banking
Mizuho International plc Securities and Banking
SINGAPORE 272 52 8 2.8% 9 1,212 Mizuho Bank, Ltd. - Singapore Branch Banking
HONG KONG 215 42 8 2.7% 8 855 Mizuho Bank, Ltd. - Hong Kong Branch Banking
Mizuho Securities Asia Limited Securities
AUSTRALIA 163 29 9 3.1% 9 197 Mizuho Bank, Ltd. - Sydney Branch Banking
CANADA 117 18 7 2.5% 7 76 Mizuho Bank, Ltd. - Canada Branch Banking
CHINA 94 36 8 2.9% 8 1,500 Mizuho Bank (China), Ltd. Banking
THAILAND 92 35 7 2.7% 7 478 Mizuho Bank, Ltd. - Bangkok Branch Banking
KOREA, REPUBLIC OF 84 24 4 1.6% 2 263 Mizuho Bank, Ltd. - Seoul Branch Banking
TAIWAN, PROVINCE OF CHINA 66 17 ▲4 ▲1.4% 1 315 Mizuho Bank, Ltd. - Taipei Branch Banking
GERMANY 61 12 2 0.6% ▲1 152 Mizuho Bank, Ltd. - Duesseldorf Branch Banking
MALAYSIA 60 8 2 0.8% 2 226 Mizuho Bank (Malaysia) Berhad Banking
Mizuho Bank, Ltd. - Labuan Branch Banking
FRANCE 51 7 2 0.8% 3 60 Mizuho Bank, Ltd. - Paris Branch Banking
INDIA 48 15 7 2.5% 7 566 Mizuho Bank, Ltd. - Mumbai Branch Banking
Mizuho Bank, Ltd. - New Delhi Branch Banking
Mizuho Bank, Ltd. - Bangalore-Devanahalli Branch Banking
Mizuho Bank, Ltd. - Chennai Branch Banking
Others 209 78 18 6.5% 16 1,614    
Total 10,336 954 279 100.0% 228 53,559    

Notes

  1. The figures shown above are based on the Country-by-Country Report (CbCR) submitted to the Japanese tax authorities and are those for the top fifteen jurisdictions in terms of Revenue.
  2. The details of each item are as follows:

- Revenue: Ordinary income (excluding intra-group dividend income) and extraordinary gains reported on P/L statement of each company
- Profit (Loss) before Income Tax: Profit (loss) before income taxes reported on P/L statement of each company (excluding intra-group dividend income)
- Income Tax Accrued: Income taxes reported on P/L statement of each company (excluding additional income taxes for prior fiscal years and deferred income taxes under deferred tax accounting), calculated based on taxable income after tax adjustments to profit (loss) before income taxes.
- Income Tax Paid: Income taxes paid during the applicable fiscal year

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