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.
— 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.