Japan to launch biggest economic stimulus package in history
2020-04-08 17:17:52 [Print]
Japan's cabinet on April 7 approved the country's largest-ever economic stimulus package, totaling 108 trillion yen (about 10,000 US dollars) in an effort to ease the economic impact of COVID-19.
The stimulus package included 39.5 trillion yen in fiscal spending. The money will be spent mainly on subsidies of up to 2 million yen for small and medium-sized companies whose turnover has fallen sharply; subsidies of up to 1 million yen to self-employed people with sharply reduced incomes; "living aid subsidies" for eligible families.
In terms of finance and taxation, Japan will provide interest-free loans to enterprises facing financial difficulties through the government system and private financial institutions. Qualified enterprises are allowed to suspend the payment of corporate tax and social insurance.
The plan will be submitted to parliament in the coming days, along with the government's supplementary budget for the new fiscal year, for approval this month.
The stimulus package included 39.5 trillion yen in fiscal spending. The money will be spent mainly on subsidies of up to 2 million yen for small and medium-sized companies whose turnover has fallen sharply; subsidies of up to 1 million yen to self-employed people with sharply reduced incomes; "living aid subsidies" for eligible families.
In terms of finance and taxation, Japan will provide interest-free loans to enterprises facing financial difficulties through the government system and private financial institutions. Qualified enterprises are allowed to suspend the payment of corporate tax and social insurance.
The plan will be submitted to parliament in the coming days, along with the government's supplementary budget for the new fiscal year, for approval this month.
