No. of Japan firms levied pro forma tax down 33% from peak level

Japanese local authorities levied pro forma standard tax on around 20,000 companies in fiscal 2020, around a third less than the peak in fiscal 2006, government data showed Sunday.The Ministry of Internal Affairs and Communications, which compiled the data, believes that a significant number of firms may have reduced their capital to under 100 million yen ($691,000), a threshold for imposition of the tax, to evade it, officials said.The ministry plans to devise countermeasures after assessing the situation, but lowering the threshold or expanding the tax to small- and medium-sized businesse…READ FULL ARTICLE