Japan Special Corporate Tax Relief Tops 2 T. Yen in FY 2024

Tokyo, Feb. 18 (Jiji Press)--The total amount of corporate tax relief under special tax measures reached a record high of 2,016.4 billion yen in fiscal 2024, up about 16 pct from 1,733.8 billion yen in the previous year, according to an annual survey by Japan's Finance Ministry.

The survey results will be reported to the Diet session that began on Wednesday.

The total tax relief included 1,006.9 billion yen for companies promoting research and development, the first figure above 1 trillion yen, and 956.0 billion yen for those raising employee wages.

As part of tax system reform for fiscal 2026, the government plans to submit a bill featuring a new special tax measure for companies making large-scale business investments.

Meanwhile, Prime Minister Sanae Takaichi plans to review existing special tax measures to partly secure funding for a proposed two-year consumption tax exemption for food products.

[Copyright The Jiji Press, Ltd.]