P5 News
Shonan Tax Office No. 172
January 2004

New Year’s Day

    Tax System Revision For 2004

It seems that the tax system will be revised. It will be discussed in the Diet and will be formed in March.

    The special deduction for the blue return

The special deduction for the blue return for income tax will rise from 550 thousand yen to 650 thousand yen, and this will help business income tax payers.

    The deduction for the accumulated deficit

The period of carrying forward for the accumulated deficit is currently 5 years and will be 7 years in addition to resident tax.

    The capital transfer income tax of land and building

This is big revision for real estate agents and people who plan to transfer their land. When an individual sold land that owns for more than 5 years, the taxation will be applied and 20% of transfer profit.

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