Local governments upgrading gifts to collect tax donations

Sep 18, 2014

Local governments upgrading gifts to collect tax donations

Local governments are upgrading the goods and services they provide to people who make contributions to them under the “hometown tax” system. The system allows people to donate money to local governments of their choice, such as their hometowns. Donors get deductions in resident ...

Sep 17, 2014

Government to lower economic assessment

The government is considering lowering its assessment of the economy in the monthly report for September, it was learned Wednesday. This would mark the first downgrade since April, when the economy was hit by a pullback in demand after the April 1 consumption tax ...

Sep 13, 2014

Shionogi handed hefty back-tax bill

Tax authorities have notified drug maker Shionogi & Co. that it failed to report ¥40.5 billion in taxable income over a three-year period to March 2013. Given the Osaka Regional Taxation Bureau’s decision, the firm said Friday it plans to pay ¥1.3 billion in ...

Burger King buying Tim Hortons for about $11 billion

Aug 26, 2014

Burger King buying Tim Hortons for about $11 billion

Burger King confirmed Tuesday that it struck a deal to buy Tim Hortons Inc. for about $11 billion, a move that could help give the fast-food company a stronger foothold in the coffee and breakfast market. The corporate headquarters of the new company will ...

Aug 26, 2014

Administration may abolish tax break for smaller firms

The Abe administration is considering abolishing a special tax break for small and midsize companies at the end of March in order to finance the corporate tax cut promised the prime minister has promised. The move is expected to draw criticism that the administration ...

LDP eyes cellphone, pachinko prize taxes

Aug 11, 2014

LDP eyes cellphone, pachinko prize taxes

Some members of the ruling Liberal Democratic Party are considering seeking taxes on mobile phone owners and the pachinko industry to cover a chronic shortage of government revenue. With the balance of government debts at a record ¥1.04 quadrillion at the end of June, ...

Aug 5, 2014

Japan to end retaliatory tax on U.S. over Byrd Amendment

The Finance Ministry said Tuesday it will end a retaliatory tax imposed on U.S. products in response to that country’s Byrd Amendment. Under the amendment, the United States distributes revenue derived from antidumping duties collected from foreign companies to domestic producers. The retaliatory tax ...

Jun 28, 2014

Japanese spending might recover in September: World Bank chief

The head of the World Bank expects Japanese consumer spending to start recovering from the drop caused by the first stage of the consumption tax hike sometime around September, and voiced support for an investment bank for Asia as proposed by China. “What we’re ...