Translation Tools Taxation

May 2009 Fixed Income Research Department

AN ENGLISH LANGUAGE RESOURCE FROM MIZUHO SECURITIES

The terminology is separated into 4 sections: 1. General Tax Terminology 2. Tax related organizations 3. Tax related legislation and reports 4. Terms related to non-Japanese tax systems
1. GENERAL TAX TERMINOLOGY Japanese !"#$ %&$ '()*$ '(+,$'(./$ '(./$ '(01$ '(234$ '($ 56$ 78+9:; <$ <$=> ?@A@B#$ C$ DEFGHI$ DJ$ DKL$MN )*OPQE In alphabetical order by Reading Reading bunri kazei buppin zei chihou douro zei chihou jouyo zei tou chihou koufuzei chihou koutsukizei chihou shouhizei chihou tabako zei chihouzei chokusetsu zei chouki jouto shotoku chouzei chouzei resisho danpingu kazei datsuzei dengen kaihatsu sokushin zei denkizei denshi nouzei shinkoku douro tokutei zaigen English separate taxation from other income commodity tax local road tax Local transfer tax etc. Local allocation tax; tax allocated to local governments tax allocated to local governments Local consumption tax local tobacco tax local tax direct tax long-term capital gains levy; taxation tax bill dumping duty tax evasion promotion of power resources development tax Electricity tax electronic tax filing financial resources that are exclusively set aside for road construction / taxes collected specifically to pay for highway construction occupational tax business profit tax franchise tax; occupation tax; privilege tax; trade tax perennial tax delinquency tax; tax in arrears negative income tax real estate acquisition tax Real estate registration tax Welfare tax tax on gross revenues gasoline excise marginal tax rate separate withholding tax taxed at source

RSTU$ RSVW$ RS$ XY$ Z[$ \]:;$ ^_`a;$ ^_`bcTU$ defg$ hi#$ jkl@$ mn$o Ep!"#$ Ep#$

eigyou menkyo zei eigyou shuueki zei eigyouzei eikyuu zei entaizei fu no shotokuzei fudousan shutokuzei fudousan touroku menkyozei fukushi mokuteki zei gaikei kazei gasorin zei genkai zeiritsu gensen bunri kazei gensen kazei

Please refer to the end of this research report for important analyst certification and disclosure information.

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Ep:;$ q$ rs#$ tu#$ vwxS$ vwyz$ vw$ {|g:;$ vP}~$o $ 6$ $ _$ _$ xS:$ }~$o +9:; +9] +9$ yz$ $ $ $ PMN $ 6$ #$ #$ #$ #$W #$:; _$ a$ FG$ 234$ $ G$ G$ $ wyz$ $ $ $- P`$ ./$ $ $ ./$ $ 234$ Z$ Z$ Z$` gensen shotokuzei genzei haitou kazei hirei kazei houjin jigyou zei houjin juumin zei houjin zei houkatsuteki shotokuzei houtei jikkou zeiritsu inshizei ippan kansetsu zei ippan nenryouzei jidousha juuryou zei jidousha zei jigyousho zei jikkou zeiritsu jouto shotoku jouto sonshitsu no kurikosu koujo jouto zei juminzei juukazei juuryouzei kakaku daigawari zei kakutei shinkoku kankyou zei kansetsu zei kazei kazei beesu kazei kagaku kazei rieki kazei shotoku keijidousha zei keiyu torihiki zei kenkyuu kaihatsu zeisei kentabakozei kenzei kihatsuyu zei kihatsuyu zei kikan zei kojin juminzei kokusai rentai zei kokuzei kokuzei sougou kanri kotei shisanzei koufuzei koukuuki nenryou zei kouri uriagezei koutsukizei kouyu zei kuni tabakozei kurinobe zeikin kurinobe zeikin kurinobe zeikin shisan withholding tax; income tax withheld at source tax reduction taxation on dividend income proportional taxation corporate enterprise tax corporate resident tax corporation tax comprehensive income tax normal effective statutory tax rate stamp duty general indirect tax general fuel tax automobile weight tax automobile tax; vehicle tax Business facility tax effective tax rate capital gains Carryforward of capital losses transfer tax inhabitant tax; resident tax ad valorem tax Specific duty price substitution tax final return (final tax return); tax return green tax indirect tax taxation tax base taxable amount; taxable value taxable profits taxable income light motor vehicle tax; light vehicle tax light oil delivery tax Tax system for research and development prefectural cigarette tax prefectural tax gasoline excise gasoline tax; gasoline excise core taxes local inhabitants tax International solidarity levy national tax Comprehensive Tax Administration System (KSK System) fixed assets tax local allocation tax aviation fuel tax retail sales tax Local allocation tax petroleum tax national cigarette tax deferred tax deferred tax deferred tax assets

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A@#$ ,$ T$ T$ q$ fg$ L: #$ L$ L$ L$ L$MN> I#$ g$ #$ $ 01$ j$ $ q$ $ $ z$vw! 234$ $ $ MN!" MN!"#$ `$ :;+,$ :; :;$ 01$ V ]$V 01$ -#$ $ $ $ $$V $# $Ov 01$ 234O$ $ @ $ $ P$ Poq$ Ovw$ O:;$ O'$ kyapitaru.gein kazei kyuuyo zei menzei menzeiten modoshi genzei mokuteki zei nassho nijuu kazei nouzei nouzei gimu nouzei sha nouzei shinkokusho ruishin kazei sei sabetsuteki sozei kichaku saiteki kazei sakezei satou shouhi zei sekiyu gasu zei sekiyu zei senkou genzei setsu zei sharyou zei shichouson minzei houjinbun shichouson tabakozei shichousonvzei shin zei shinkoku bunri shinkoku bunri kazei shisan zei shotoku jouyo zei shotoku kingaku shotokuzei shouhi zei shunyuu kingaku sonota zeishuu sougaku hyouji (shouhizei wo) sougou kazei souzei souzokuzei sozei sozei inshizei shunyuu sozei kouka sozei tokubetsu sochihou tabako shouhizei tabako tokubetsu zei tabako zei takkusuekusupendichaa tanka suisoyu zei tansozei teigakuzei teiritsu genzei tokubetsu houjin zei tokubetsu shotokuzei tokubetsu tochi hoyuuzei capital gains tax payroll tax tax exemption tax exemption limit tax rebates special-purpose tax tax office double taxation tax payment tax liability tax payer tax returns graduated tax system differential tax incidence optimal taxation liquor tax sugar excise tax petroleum gas tax petroleum tax retrospective tax cuts/ preemptive tax cuts tax saving; tax advantage automobile tax; vehicle tax corporate portion of the residents' tax municipal cigarette tax municipal tax new tax separate filing separate self-assessment taxation tax on property income transfer tax Taxable income income tax consumption tax gross income non-tax revenues published prices to be inclusive (of consumption tax) taxation on aggregate income tax hike; tax rise; tax increase inheritance tax taxes, taxation tax revenues tax and dues; tax and public charges Special Taxation Measures Law tobacco consumption tax special cigarette tax tobacco tax tax expenditure hydrocarbon oil tax carbon emissions tax lump-sum tax temporary tax cuts special purpose company tax special income tax special landholding tax

Translation Tools

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a$ !$ bcTU$ "q$ "$ #<#$ /$%$ $&a$ '($ Q`$ $])* $][L $+,-T $\. $ $Er! $E/+ $E0+ $E0+1POu./ $23' $23: $2345 $6/ $78 $9 $o $ $:; $]<= $>? $>@AB $'( $V CD$ 01$ E,$ $ $ torihikdakazei toshi keikakuzei touroku menkyozei toushi genzei toushi zeigaku koujo tsuichou kazei tsuika kachi zei uriagezei, torihikidaka zei yuuguuzeisei zaisan zei zei no kusabi zei no tainou zei shiharai menjo zeifutan zeigaku koujo zeigen haibun zeigen ijou zeigen ijou zeigen ijou yotei tokurei koufukin zeikin hinan chi zeikin hinan sho zeikin hinan shudan zeikin kampu zeimu chousa zeimusho zeiritsu zeisei zeisei chuuritsu zeisei jou no yuudou sochi zeisei kaikaku zeisei kaisei taikou zeisei yuuguu sochi zeishuu zeitaku zei zougaku hyouji (shouhizei wo) zouyozei zouzei zozei turnover tax city planning tax registration license tax tax concessions on investment investment tax credit additional tax; back tax; supplementary tax value-added tax sales tax preferential tax system property tax tax wedge tax delinquency tax relief tax burden transfer of tax revenue sources; tax credit tax source distribution transfer of tax resources transfer of tax revenue sources transfer of tax revenue sources tax haven tax haven tax shelter tax refund tax inquiry; tax investigation tax office tax rate tax system; taxation system revenue neutrality tax incentive tax reform Outline of Tax Reform Proposals preferential tax treatment; tax break tax revenue luxury tax Published prices to be inclusive (of consumption tax) gift tax tax hike; tax rise; tax increase taxes, taxation

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2. TAX RELATED ORGANIZATIONS In alphabetical order by Reading Japanese Reading 7FFG choukan kanbou 788HI chousa sasatsu bu <VI zJ$78K zJ$78K #$I $L $^MNO: $P L: QR$x: $AST $9 $78K $78K choushuu bu jimintou zeisei chousakai jimintou zeisei chousakai kazei bu kokuzei chou kokuzei fufuku shinpansho kokuzei kyoku Nassho okinawa kokuzei jimusho zeimu daigakkou Zeimusho zeisei chousa kai zeisei chousa kai

English Commissioner's Secretariat Examination and Criminal Investigation Department Revenue Management and Collection Department LDPs Research Commission on the Tax System LDPs Research Commission on the Tax System Taxation Department National Tax Agency National Tax Tribunal Regional Taxation Bureaus Tax office Okinawa Regional Taxation Office National Tax College Tax Offices Tax Commission/ Taxation Council Taxation Council

3. TAX RELATED LEGISLATION AND REPORTS In alphabetical order by Reading Japanese Reading English '(./$v chihou koufuzei hou Local Allocation Tax Law '($v chihouzei hou Local Tax Law UV$WX nichibei sozei jouyaku Japanese and US Tax Treaty $Ov sozei tokubetsu sochihou Special Taxation Measures Law $>@AB zeisei kaisei taikou Outline of Tax Reform Proposals 4. TERMS RELATED TO NON-JAPANESE TAX SYSTEMS In alphabetical order by Reading Japanese Reading English JYZ_$ kikou hendouzei Climate change levy (UK) ["$ tankou toushi zeigaku koujo Exploration Investment Tax Credit: EITC (USA) ["$ tankou toushi zeigaku koujo Exploration Investment Tax Credit: EITC (USA) \:;]y^$ teishotokusha you juutaku zeigaku koujo Low Income Housing Tax Credit: LIHTC (USA) \:;]y^$ _`L a$ teishotokusha you juutaku zeigaku koujo naikoku sainyuu chou nenryou kiseizei Low Income Housing Tax Credit (LIHTC) (USA) Internal Revenue Service (IRS) (USA) Regulating Energy Tax (REB,The Netherlands)

This report is available online at http://www.mizuho-sc.com/english/ebond/translation/tax.pdf

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Mizuho Securities Co., Ltd./Mizuho International plc All Rights Reserved. This document may not be altered, reproduced or redistributed, or passed on to any other party, in whole or in part, without the prior written consent of Mizuho Securities or Mizuho International. Fixed Income Research Department Otemachi First Square 1-5-1, Otemachi, Chiyoda-ku Tokyo 100-0004 Tel. 81-3-5208-3110 Fax. 81-3-3516-7242 Financial Instruments Firm, No. 94 (Kinsho), issued by the Director, Kanto Local Finance Bureau Member of the Japan Securities Dealers Association, the Japan Securities Investment Advisers Association, and the Financial Futures Association of Japan