Japan government, ruling parties agree on certain tax exemptions for firms hit by pandemic

By Administrator_India

Capital Sands

Japan’s government and ruling parties agreed to exempt firms from certain taxes if their sales decline by more than half from the previous year in any three-month period between February and October amid the coronavirus outbreak, Kyodo newswire said on Thursday.

Firms would be exempted from taxation on property and assets if they see sales decline by more than half in a three-month period, Kyodo said.

Prime Minister Shinzo Abe on Saturday ordered his cabinet to compile an unprecedented package of steps to support the world’s third-largest economy as the pandemic threatened widespread disruption across the nation.

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