Invoice system for six months, new tax payments may affect small businesses. Six months have passed since the system was launched in October last year.
According to the National Tax Agency, more than 4 million businesses have benefited from the invoice system. Small businesses with annual sales of 10 million yen or less are now required to pay consumption tax, which had previously been exempted. The system started on October 1st last year with the aim of accurately understanding the amount of tax paid, and when businesses receive deductions or refunds for consumption tax paid.