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Companies

Easier fix for corporate tax errors sought in Japan

Parent companies now face group refiling for mistake at just one subsidiary

Japan's Finance Ministry will hear opinions soon on reforming the corporate tax filing system.   © Reuters

TOKYO -- Japan looks to simplify the process of correcting errors on consolidated corporate tax returns, eliminating the need to refile for the entire group when a mistake is attributed to a single subsidiary.

Under a proposal by the Finance Ministry, a company planning to file consolidated tax returns could create separate reports for each unit. If mistakes are found, they could be corrected in any individual report, greatly reducing the administrative work.

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