Government and LDP Corporate tax payment deadline Consider extension of about one year

Government and LDP Corporate tax payment deadline Consider extension for about one year March 20 7:18

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The government and Liberal Democratic Party have been considering ways to extend the corporate tax payment period by about one year to support corporate financing over additional economic measures following the spread of the new coronavirus.

The government's "intensive hearing" began on the 19th, hearing from industry stakeholders on additional economic measures following the spread of the new coronavirus.

Participating freelancers and sole proprietors have asked for an increase in the maximum lending system for individuals and support for holding events, and Prime Minister Abe hopes to consider concrete measures based on the opinions of the field. Showed.

Under these circumstances, the government and the LDP have been considering to extend the corporate tax payment deadline for about one year and to avoid late payment tax in order to support corporate cash flow.

We are also considering exemption from property tax on buildings and facilities of small and medium-sized enterprises, and we will adjust the reduction in local taxes resulting from the government's compensation.

Furthermore, given the impact on the supply chain, such as a decline in the supply of automotive parts from China, if a company relocated a part of its production base to Japan, Southeast Asia, etc., a portion of the capital investment costs Is being considered to be able to deduct from the corporate tax amount.

The Liberal Democratic Party will hold a tax inquiries executive meeting next week to take concrete steps.