Japanese Ruling Party Agrees on Virus-Linked Tax Relief Package

Politics Lifestyle

Tokyo, April 2 (Jiji Press)--Senior Japanese ruling party officials reached broad agreement on Thursday on a package of tax relief measures to mitigate the economic impact of the coronavirus pandemic.

The agreement was reached at a meeting of executives from the Liberal Democratic Party's Research Commission on the Tax System.

Small companies facing a decrease of 50 pct or more in annual sales will be exempt from fixed property tax payments. The tax will be cut by half for those seeing a sales decrease of 30 pct to less than 50 pct.

Companies will be allowed to defer tax payments for one year if their sales fall by 20 pct or more.

Tax reductions linked to housing loans, set to expire at the end of this year, will be extended for one year. An automobile tax cut will be extended for six months to the end of March next year.

[Copyright The Jiji Press, Ltd.]

Jiji Press