Japan: Tax relief FAQs, other guidance implementing legislation (COVID-19)
Japan: Tax relief FAQs, other guidance (COVID-19)
Japan’s national tax agency released information and guidance following the enactment of new tax legislation (referred to in English as the “Emergency Economic Measure for COVID-19”) as passed by Japanese National Diet on 30 April 2020 and promulgated on the same day along with related cabinet orders and ministerial ordinances.
Guidance posted on the tax agency’s website includes updated “frequently asked questions” (FAQs) concerning a grace period for remittances of tax payments, an application form, and an English language webpage.
Other guidance concerns the special rules for selection of “taxable company status” for consumption tax purposes. Other measures address the exemption from stamp duty on a contract for a special loan.
There are FAQs that relate to the COVID-19 relief available with respect to the tax return filing and tax payment procedures for corporation tax, local corporation tax, corporate consumption tax, and withholding tax. For individual taxpayers, there are FAQs concerning individual income tax, gift tax, and individual consumption tax.
Read a May 2020 report [PDF 338 KB] prepared by the KPMG member firm in Japan
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.