LDP Drafts Tax Exemption Bill for Noto Peninsula Earthquake Victims
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2024/01/LDP-HQ.jpg)
The Liberal Democratic Party’s headquarters building in Tokyo
15:17 JST, January 30, 2024
The ruling Liberal Democratic Party’s Research Commission on the Tax System confirmed a draft of a special tax exemption bill in response to the Noto Peninsula Earthquake. The decision was made in a general meeting on Monday.
The bill would allow deductions for losses on household and business assets damaged by the earthquake to be included in last year’s income, subject to income tax. With the final tax return filing period beginning in mid-February, the government is aiming to pass the bill as soon as possible.
In addition, it would let sole proprietors deduct losses on business assets, such as machinery used for business purposes, as necessary expenses from last year’s taxable business income.
Under the special measure, the tax deductions would be made a year earlier than normal, thereby easing the burden on the victims more quickly.
"Society" POPULAR ARTICLE
-
Typhoon Shanshan Forms, Slowly Moves Toward Japan; Govt Says Typhoon No. 10 Likely to Approach Japan Next Week
-
Typhoon Ampil Approaching Japan
-
Shizuoka Pref. City Offers Foreigners Free Japanese Language Classes; Aims to Raise Non-Natives to Daily Conversation Level
-
Tokyo Companies Prepare for Ashfall From Mt. Fuji Eruption; Disposal Of Ash, Possibly at Sea, A Major Challenge
-
Typhoon No. 10 Forecast to Develop; Move into Pacific Ocean South of Japan on Aug. 26
JN ACCESS RANKING