LDP Begins FY 2021 Tax Reform Talks amid Epidemic
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Tokyo, Oct. 21 (Jiji Press)--The tax panel of Japan's ruling Liberal Democratic Party has started talks on tax system reforms for fiscal 2021, with the focus on measures in response to the economic slump caused by the novel coronavirus epidemic.
Members of the Research Commission on the Tax System are expected to discuss lowering the burdens related to fixed asset and automobile taxes, and on housing loan borrowers. Measures to spur digital transformation are also likely to be on the agenda.
At an informal meeting on Tuesday, senior members of the panel confirmed plans to kick off full-scale discussions in mid-November and draw up a package of tax system reform proposals around Dec. 10.
"The Japanese economy remains in a severe state, so we'll promote our discussions by taking the situation into consideration," Akira Amari, head of the tax panel, told reporters.
In fiscal 2021, a triennial re-evaluation of real estate prices for fixed asset tax calculation will be conducted.
[Copyright The Jiji Press, Ltd.]