Japan: Special grace period for tax payments (COVID-19)

Japan: Special grace period for tax payments

Measures—including a special grace period of one year for eligible companies to make tax payments—are provided as tax relief for companies in response to the economic challenges of the coronavirus (COVID-19) pandemic.

1000

Related content

The tax relief is based on laws, cabinet orders, ministerial ordinances, and administrative guidance issued by the tax agency, and in addition to the one-year grace period for tax payments includes the following tax relief for companies:

  • Tax refunds from tax loss carrybacks by “blue-form” taxpayers
  • A special provision for a change to an election regarding the consumption tax and relief from the limitation on exemption from tax liabilities
  • Tax measures for investments made in telework equipment by small and medium-sized companies
  • A special measure to reduce the tax on fixed assets for depreciable assets and buildings used by small and medium-sized businesses
  • An extension and expansion of special measures for the tax on fixed assets with a goal of achieving a “productivity revolution”


Read a July 2020 report [PDF 197 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.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal