Request for tax reform next year Corona will also support companies

Request for tax reform next year Corona will also support companies hitting on September 26 at 4:13

Requests from ministries and agencies regarding tax reform next year will be closed on the 30th next week.

This includes measures to prevent the burden of property tax from increasing in order to support companies that have been hit by the new coronavirus.

Next year's tax reform will focus on how to support companies whose business performance is deteriorating due to the effects of the new coronavirus.

Of these, the Ministry of Land, Infrastructure, Transport and Tourism has decided to request measures to prevent the burden on companies from increasing the property tax on land.

Property tax is a mechanism to review the valuation amount that is the basis of the tax amount every three years, and the land price was on the rise for the three years from next year before the spread of infection, based on the January land price announcement It is supposed to be taxed.

With the current system, the taxable amount is expected to increase mainly for companies in urban areas, so we are requesting a review, including the deferment of the valuation amount.

In addition, the Financial Services Agency has a policy of requesting measures to encourage third parties who are not relatives to take over the business as the number of business owners who are considering voluntary closure is increasing.

Specifically, we are requesting that management defer taxation of 20% of the profits incurred when the management transfers shares to a third party for business succession.

In addition, the Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism will apply the "eco-car tax reduction", which reduces the tax rate of the "automobile weight tax" levied at the time of vehicle inspection, for fuel-efficient vehicles at the end of April next year. I am asking you to extend the deadline.

The government and the ruling party will decide to revise the tax system next year at the end of the year based on the requests of each ministry and agency.