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ECONOMY > Economic Policy

Gist of tax reform plan compiled by Japan ruling parties

  • December 12, 2019
  • , Kyodo News , 6:55 p.m.
  • English Press

TOKYO – The following is the gist of a tax reform package for fiscal 2020, compiled Thursday by Prime Minister Shinzo Abe’s Liberal Democratic Party and its coalition partner Komeito party.

 

The government will:

 

— give a 15 percent tax credit to companies that invest in infrastructure for ultrafast 5G mobile networks.

 

— let companies deduct from taxable income when they invest in innovative startups.

 

— review a small-lot, tax-advantaged investment program called Investment in the Nippon Individual Savings Account, or NISA, to prompt individuals to shift their money to investment from savings.

 

— give special tax deductions to single parents who have never been married and who have an annual income below 5 million yen ($46,000).

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