Japan's National Tax Administration reported last week that corporate tax evasion in the country topped Y67.2 billion as companies failed to report the 'truth' on their returns. Cash found to be secreted away by the companies boosted the figure recovered which came to a record high of 1.88 million yen per case. The figure has been consistently high for five years.
But companies in Japan will soon find themselves in more hot water with government plans to abolish a whole raft of business-related tax incentives. The government has committed itself to keeping the issuance of bonds below 30 trillion yen in fiscal 2002, and needs to find new sources of revenue if it is to be able to afford the massive support packages it plans to offer to the stricken banking sector; the business-related tax incentives are one such source.
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