Japan Ruling Bloc Adopts FY 2022 Tax Reform Package

Politics Lifestyle

Tokyo, Dec. 10 (Jiji Press)--Japan's ruling coalition on Friday adopted its fiscal 2022 tax system reform package focusing on measures to cushion the continuing impacts of the novel coronavirus crisis on households and businesses.

The package, compiled by the Liberal Democratic Party and its coalition partner, Komeito, calls for expanding a program offering tax deductions for companies actively raising wages and for keeping the tax break system for housing loan borrowers in place for four more years until the end of 2025.

It also includes a new fixed property tax break system for commercial land.

This is the first tax system reform since the launch of Prime Minister Fumio Kishida's administration in early October and also the first work toward realizing economic growth and wealth redistribution, a key policy of the new Japanese leader, Yoichi Miyazawa, chairman of the LDP's Research Commission on the Tax System, said.

"We are now prepared to support the first step of the major policy," he told a press conference.

[Copyright The Jiji Press, Ltd.]

Jiji Press