Japan eyeing tax breaks to expand food exports
December 7, 2021
TOKYO (Jiji Press) — The government and ruling bloc are considering tax breaks to increase exports of agricultural products and food, sources familiar with their discussions told Jiji Press on Monday.
Special depreciation of 30% or 35% will apply to farm producers and food processors making investments to meet requirements in export markets, the sources said.
The tax breaks are aimed at encouraging businesses to make capital investment to meet safety standards and consumer taste in export markets.
The tax breaks are expected to be in place for several years. They are likely to be included in a fiscal 2022 tax reform package due out later this week.
Eligible for the tax breaks will be certified exporters. A 30% depreciation will be allowed for machinery investment and 35% for factory investment, the sources said.
The government aims to boost Japan’s annual exports of farm products and food to ¥5 trillion by 2030. In the first 10 months of 2021, exports totaled ¥973.4 billion, on track to top ¥1 trillion for the first time ever this year.
"Politics" POPULAR ARTICLE
-
Prime Minister Fumio Kishida Promotes Revised NISA Investment Program to Young People; Kishida Focusing on Moving Money From Savings to Investment in a Safe Environment
-
“High Probability” 2 MSDF Patrol Helicopters Collided near Torishima Island; 1 Dead, 7 Others Onboard Missing (Update 2)
-
Russia to Ban Non-Registered Vessels from Waters Around Northern Territories From April 11 to 17
-
Japan-U.K. Foreign Ministers Confirm Deepening Cooperation in Security Field; Kamikawa Underscores Importance of NATO Ties
-
Japan Ruling Party Struggles in ‘Kingdom of Conservatives’; Liberal Democratic Party Battered By Fundraising Scandal
JN ACCESS RANKING
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- U.S. 7th Fleet officer Arrested on Suspicion of Stealing Sushi, Sashimi, Chicken at Kanagawa Shopping Mall; Suspect Caught Mid-Meal
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’
- JAL Airplane Experiences Radio Malfunction During Flight, Lands Safely By Relying on Light Signals