Japan’s national tax agency updated a set of “frequently asked questions” (FAQs) concerning corporate tax return filing and tax payment procedures—measures intended to offer relief in response to the coronavirus (COVID-19) pandemic.
The FAQs (Japanese only) have been updated several times since they were originally released on 25 March 2020.
The recently updated COVID-19-related FAQs include new FAQs #Q7, #Q7-2, and #Q7-3 that address the timing for corporation tax purposes of revenue recognition of subsidies, of interest subsidies, and of subsidies for credit guarantee fees regarding substantially interest-free loans from private financial institutions with no collateral condition.
Read a March 2021 report [PDF 280 KB] prepared by the KPMG member firm in Japan
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