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Local tax filing and suspension of payments to companies affected by Japanese export restrictions… Reduction of promotion

2019-08-11T06:49:07.751Z

The Ministry of Public Administration and Security announced on November 11 that it would cooperate with the central government and local governments to suspend and report local tax returns and payments for up to one year to companies affected by economic retaliation measures in Japan.


The Ministry of Public Administration and Security announced on November 11 that it would cooperate with the central government and local governments to suspend and report local tax returns and payments for up to one year to companies affected by economic retaliation measures in Japan.

To do this, we first formed an Emergency Response Task Force (TF) at the agency level.

The TF serves as a control tower for monitoring the damages of local governments, preparing related measures, and collaborating with ministries and local governments.

It is also expanding tax support to ease the burden on companies affected by export restrictions.

We plan to extend the application of various local tax exemptions, which are scheduled for sunset this year, and actively review local tax exemptions such as acquisition and property taxes for facilities located by semiconductor companies such as industrial complexes and knowledge industrial centers.

Local governments also provide a comprehensive support plan for victims.

We operate our own emergency response team and damage report center to conduct investigations and support consultation on the status of damaged companies in the region, as well as provide management stability funds to the affected companies depending on the financial resources of each local government.

In addition, the company plans to reduce corporate burdens by extending local tax filing and payment deadline, probation of notice of payment, notice of division, deferment of collection, and deferment of arrears.

These tax breaks start at six months and can be extended for up to one year.

If the victim applies, the company postpones the tax return, which usually comes back every four years, and the delinquency for the company with local tax arrears is suspended for one year.

If necessary, the bylaw will also review additional local tax reductions.

In order to support the central government and local governments, the government also decided to operate policy communication channels from time to time such as the meetings of the heads of city and provincial governors and the meetings of local economic coordinators.

In addition, we will actively reflect the voices of local governments in the central countermeasures organization, and for this purpose, the representatives of the central departments will participate in local councils and listen to on-site recommendations.

Ko Gyu-chang, Executive Director of the Ministry of Finance and Economy, said, “It is important for the central and local governments to unite and respond collectively, as Japan's trade retaliation is expected to cause considerable damage to our economy.” "We will do everything possible to minimize the damage to businesses and residents in each region."

Source: sbskr

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