Japan Ruling Bloc Approves FY 2020 Tax Reform Outline
Newsfrom JapanPolitics Lifestyle
Tokyo, Dec. 12 (Jiji Press)--Japan's ruling coalition on Thursday approved an outline of fiscal 2020 tax system reform that emphasizes measures to address child poverty and promote business investment including in fifth-generation, or 5G, wireless communication equipment.
According to the reform outline, the existing tax break program for single parents, which is currently available to divorced parents and those whose spouses have died, will be expanded to cover unmarried parents.
Single parents with annual incomes of 5 million yen or lower will be granted deductions of up to 350,000 yen from their taxable incomes. The 5-million-yen income condition currently applies to single fathers only, but will also cover single mothers.
"We drew up a tax reform package that can resolve current and future problems," said Akira Amari, chairman of the ruling Liberal Democratic Party's Research Commission on the Tax System.
It was "great" that the ruling camp was able to reach an agreement on tax breaks for single parents by working out differences, said Makoto Nishida, chief of the tax panel of Komeito, the LDP's coalition partner.
[Copyright The Jiji Press, Ltd.]