Japan to Allow Virus-Hit Companies Defer Tax Payments: Yomiuri

Japan will allow companies whose monthly sales have fallen more than 20% y/y since Feb. to delay tax and social security payments, Yomiuri reports, without attribution.

• Overdue taxes will also be exempt
• Fixed asset taxes for companies whose sales have fallen more than 50% for three months will be waived; firms whose sales declined between 30-50% will see the levy halved
• Ruling coalition will will discuss tax measures to be included in the government’s stimulus package today ahead of the package’s release next week

To contact the reporter on this story:
Erica Yokoyama (News) in Tokyo at eyokoyama12@bloomberg.net

To contact the editors responsible for this story:
Yusuke Miyazawa at ymiyazawa3@bloomberg.net

Lily Nonomiya

© 2020 Bloomberg L.P. All rights reserved. Used with permission.