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ECONOMY

Gist of FY 2022 tax reform package compiled by Japan’s ruling bloc

  • December 10, 2021
  • , Kyodo News , 7:16 p.m.
  • English Press

TOKYO – The following is the gist of a tax reform package for fiscal 2022, drawn up Friday by Prime Minister Fumio Kishida’s Liberal Democratic Party and its junior coalition partner Komeito.

 

The package:

 

— will increase maximum tax deduction rates to 30 percent for large firms raising wages and 40 percent for smaller firms.

— will lower the amount of income tax cut for home buyers from 1 percent to 0.7 percent of outstanding housing loan balance.

— will beef up taxation on globally operating major firms in line with a multinational deal on international tax reform.

— does not include a review of capital gains tax or introduction of a carbon tax.

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