Komeito seeking tax freeze, deferment

December 4 , 2020

Komeito tax expert Makoto Nishida addresses LDP-Komeito meeting on Dec. 3Komeito tax expert Makoto Nishida (standing) addresses LDP-Komeito meeting on Dec. 3

The tax reform committees of the Liberal Democratic Party and Komeito met on December 3 to examine which major changes to the public revenue system to adopt in fiscal 2021. The junior partner in Japan’s coalition government, Komeito is seeking to freeze the tax on both commercial properties and private homes slated to rise in real estate “hot spots” next year to that levied in fiscal 2020 as taxpayer incomes have been hard hit by the pandemic. The party also seeks to extend the government’s deferment on corporate income tax for businesses in dire financial straits during this time.