TOKYO – The following is the gist of a tax reform package for fiscal 2019 approved Friday by the ruling coalition of the Liberal Democratic Party and Komeito.
Under the package:
— tax deductions for people with home mortgages will be extended from the current 10 years to 13 years.
— a person buying a new car after Oct. 1 will pay between 1,000 to 4,500 yen less in annual car ownership tax.
— municipalities offering overly expensive gifts to attract “hometown tax” donors will be banned from June 1.
— single parents who have never been married and have low income will receive tax cuts and 17,500 yen a year in additional benefits.