business

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

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Umm, almost three years of coronavirus drastically affecting many industries.

1 ( +2 / -1 )

Recently, major Japanese travel firms JTB Corp and H.I.S. Co have announced capital reductions, which are in themselves not illegal and can be for a variety of reasons, such as making up for a deficit.

Entirely not coincidentally, firms which have benefitted from massive corporate subsidy bailouts during the COVID-19 disaster capitalism free for all.

Disguised in a vague headline de rigueur for Kyodo.

The pandemic was a massive wealth transfer to the 1 percent.

Businesses recapitalizing off the backs of taxpayers with no capital.

Textbook socialism for the rich.

1 ( +4 / -3 )

Recently, major Japanese travel firms JTB Corp and H.I.S. Co have announced capital reductions, which are in themselves not illegal and can be for a variety of reasons, such as making up for a deficit.

Back in 2021 did H.I.S. got caught red-handed when helping themselves to 1.14 billion JPY from GO TO in total illegality. I haven't hear about anything more than returning the money (i.e. no arrests), so why even both to mention that something is "not illegal" if something that IS blatantly illegal is not followed by any judiciary action?

https://www3.nhk.or.jp/news/html/20211228/k10013407991000.html

3 ( +5 / -2 )

fwiw, my accountant tells me most small companies in Japan collect but do not pass on the consumption tax (i.e., sales under 10 million). He also said most companies do not pay corporation tax (i.e., they do not make a profit). This will leave them, like me, simply paying a "running a business" type annual fee which is fixed. So this move to get other tax out of businesses, I think the explanation of "pro forma" should have come in the second paragraph, not halfway down, is understandable, even if not welcome.

4 ( +4 / -0 )

Why wouldn’t a company avoid tax legally if it could. Common sense.

1 ( +1 / -0 )

Why wouldn’t a company avoid tax legally if it could. Common sense.

Yes, companies use their disproportionate wealth to lobby, or just buy, politicians in supposedly democratic nations to open tax loopholes exploitable only to those with access to highly paid specialist wealth managers.

To ensure capital gains and rentier income are taxed much less than labor. Not even taking into consideration the tax havens and shell corps outlined in the Panama and Pandora Papers. Which many Japanese oligarchs have exploited.

https://www.asahi.com/ajw/articles/14453559

While workers are hit with the full force of regressive taxes.

0 ( +1 / -1 )

Speaking of loopholes, why tax authorities aren't enthusiastic about imposing a decent corporate tax on online retail behemoths?

1 ( +1 / -0 )

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