JAPAN: COVID-19 TAX IMPLICATIONS

Apr 7, 2020 | COVID-19

JAPAN – update 7th April

Japan Tax Agency Issues FAQ on Tax Filing and Payment Extensions in Response to COVID-19

Japan’s National Tax Agency has published an FAQ document on tax filing and payment extensions in response to COVID-19. This includes that for individuals/sole proprietors, the deadlines for income tax returns, gift tax returns, and consumption tax returns have been automatically extended to 16 April 2020.

No automatic deadline extensions have been provided for corporate tax purposes, although a grace period system may be applied. Under the grace period system, companies (and individuals) that have been significantly impacted by COVID-19 can apply for extensions for tax filings and payments. Applications are approved by the tax authority on a case-by-case basis. In general, grace periods may be provided for up to one year.

 

Source credit – Orbitax

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