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ANA to cut capital of travel subsidiary to lessen tax burden

JTB and other COVID-hit businesses also downsize to 100 million yen threshold

The capital reduction of ANA Sales will slash its tax burden as it will be regarded as a small to midsize company.

TOKYO -- The coronavirus-hit travel unit of Japanese airline group ANA Holdings will cut its capital 900 million yen ($8.4 million) to 100 million yen in yet another move by a company in the travel sector to downsize for tax purposes.

The decision comes as the industry continues to struggle due to the coronavirus pandemic. The capital reduction of ANA Sales will lessen its tax burden, as it will then be classified as a small or midsize company under Japanese tax law.

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