Japanese Bankers Association

JBA's Request for Fiscal 2003 Tax Reform Finalized

The Board of Directors Meeting held on September 24 finalized the request for fiscal 2003 tax reform, and submitted a paper to concerned parties including the Ministry of Finance and Financial Services Agency.

JBA compiled essential items to be included in JBA's request for fiscal 2003 tax reform in July, and this final version is based on the items then listed and subsequent coordination with relevant bodies.Of the total of nineteen requests, priority is placed on the following five.

(1)Review of carry-forward deduction/carry-back refund system for losses (extending the current carry-forward period, etc.)
(2)Expansion of tax support under the Industrial Revitalization Law
(3)Review of taxation on shares (elimination of tax on profits from share sales, etc.)
(4)Review of taxation on land
(5)Review of the Local Tax Law (refraining from introducing a size-based corporate tax and abolishing Article 72, Paragraph 19 of said law)