6 November 2001, 10:23 Shiokawa - Govt aims to enact new consolidated corporate tax next fiscal yr
TOKYO (AFX-ASIA) - Finance Minister Masajuro Shiokawa said the
government aims to enact legislation to introduce a new consolidated
corporate tax-payment system in the year to March 2003.
The government will also introduce a surtax charge on profits of
companies that decide to opt for the new consolidated tax, to
compensate for expected lost fiscal revenue under the new system, he
added.
The new system aims to allow companies to offset profits at group
firms with losses at other units and is expected to reduce overall
fiscal income.
"We want to revise the existing tax laws to include the
consolidated corporate-tax payment system, to be implemented next
fiscal year," Shiokawa told a parliamentary Lower House economic and
fiscal policy committee.
"At the same time we want to introduce a surtax on business profits
at low rates" on companies that choose the new system, he added.
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