Number of Japan firms levied pro forma tax down 33% from peak level

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Local Japanese authorities levied pro forma standard tax on around 20,000 companies in fiscal 2020, around a third less than the peak in fiscal 2006, government data showed Sunday.

The Ministry of Internal Affairs and Communications, which compiled the data, believes that a significant number of firms may have reduced their capital to under ¥100 million ($691,000), a threshold for imposition of the tax, to evade it, officials said.

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