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ECONOMY

Gist of FY 2017 tax reform plans approved by Japan’s ruling bloc

  • December 8, 2016
  • , Kyodo News , 5:07 p.m.
  • English Press

TOKYO, Dec. 8, Kyodo — The following is the gist of tax reform plans for fiscal 2017 approved Thursday by the ruling Liberal Democratic Party and its coalition partner Komeito.

 

Under the tax reform plans:

 

— The income threshold on spousal tax deduction will be raised to 1.5 million yen from the current 1.03 million yen.

 

— Taxes on beer and beer-like alcoholic drinks will be unified at 54.25 yen per 350 milliliter serving in October 2026.

 

— Tax breaks for buyers of eco-friendly cars will be extended beyond next spring for two years.

 

— Small and mid-sized companies raising salaries by 2 percent or more from a year ago can get larger tax reductions than before.

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