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, as a leading Japanese financial services group with a global presence and broad customer base, 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. And 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 (FY2021)

(JPY billion)

Tax Jurisdiction Revenues Profit (Loss) before Income Tax Income Tax Accrued - Current Year Income Tax Paid (on Cash Basis) Number of Employees (persons)
JAPAN 2,657 76 52 40.1% 84 43,208
UNITED STATES 1,540 204 30 22.9% 33 3,086
UNITED KINGDOM 155 66 9 6.8% 9 1,438
SINGAPORE 83 46 7 5.4% 1 892
CHINA 81 24 2 1.2% 7 1,482
HONG KONG 67 23 3 2.4% 3 570
AUSTRALIA 40 27 7 5.3% 6 142
THAILAND 32 20 4 3.0% 4 461
SOUTH KOREA 25 15 4 2.9% 3 235
TAIWAN 23 12 ▲ 0 ▲ 0.2% 3 307
Others 157 59 13 10.1% 14 2,259
Total 4,860 572 130 100.0% 166 54,080


  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 ten jurisdictions in terms of Revenues.
  2. The details of each item are as follows:

- Revenues: 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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