Japan ruling bloc OKs inflation-offsetting FY 2024 tax reforms

Politics Economy

Japan's ruling parties on Thursday approved tax reform plans for fiscal 2024 to support inflation-hit households and child-rearing families, while extending tax incentives to spur wage growth as part of Prime Minister Fumio Kishida's wealth redistribution push. The open-ended plans call for a combined 40,000 yen ($283) income and residence tax cut to begin in June 2024, with any possible extension to be considered dependent on the economic conditions at the time. An income cap will be imposed, excluding people earning 20 million yen or more annually from the key feature of Kishida's inflation-...

Kyodo News

Kyodo News