Risks to the soundness of the hometown tax donation program posed by thank-you gifts that depart from its underlying principles
First written in FY2019-Q2. 2 of 4 entries say "Materialised", first in FY2019-Q3. Latest entry: FY2020-Q1.
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- FY2020-Q1MitigatedAnnual report
「The disruption before the designated system relating to hometown tax donations, established on 1 June 2019, took effect was moving toward resolution.」
The Group states that the disruption before the designated system took effect was moving toward resolution as a result of measures including terminating contracts with local governments handling gifts that departed from the purpose of the system. - FY2019MaterialisedAnnual report
「However, from January 2019 through the end of May 2019, before the designated system relating to hometown tax donations took effect, there was substantial last-minute demand from local governments whose contracts had been terminated, and the amount of donations handled fell below expectations.」
The Group states that, following the termination of contracts with local governments handling gifts contrary to the purpose of the system, last-minute demand and a shortfall in the amount of donations handled versus expectations actually occurred. - FY2019-Q3MaterialisedAnnual report
「Before the gift regulations took effect in June 2019, some local governments significantly departed from the principles of the hometown tax donation system by offering excessive gifts, such as gift certificates, with little connection to their regions in an attempt to capture last-minute demand, resulting in a temporary concentration of donations in those local governments.」
The Group states that gifts significantly departing from the principles of the system were in fact offered, resulting in a temporary inflow of donations to certain local governments. - FY2019-Q2First statedAnnual report
「Before the gift regulations took effect in June 2019, some local governments significantly departed from the principles of the hometown tax donation system by offering excessive gifts, such as gift certificates, with little connection to their regions in an attempt to capture last-minute demand, resulting in a temporary concentration of donations in those local governments.」
The Group states that, before the gift regulations took effect, some local governments offered gifts that departed from the principles of the system, resulting in a temporary inflow of donations.