Simplified invoice rules mulled for envisioned dual tax rates

posted on October 17, 2015

The government is considering simplified invoice rules to help small businesses cope with the administrative burden of handling two different tax rates when the planned consumption tax hike takes effect in April 2017, sources said Thursday.

The Abe administration aims to introduce a lower rate on daily necessities such as food and other items to alleviate the impact of the tax increase on consumers, but business groups are opposed to the plan, believing it will be too cumbersome for businesses.

On Wednesday, Prime Minister Shinzo Abe directed Yoichi Miyazawa, chairman of the ruling Liberal Democratic Party’s Research Commission on the Tax System, to consider a practical way to prevent accounting confusion.

The government is eyeing invoice rules that are looser than those in European Union countries that use reduced sales tax rates.


source by newsonjapan
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