Japan to Reduce Tax Deductions for High-Income Earners

   Tokyo, Dec. 5 (Jiji Press)--The Japanese government proposed Thursday reducing tax deductions for highly earning salaried workers.
   In the proposal, presented to the ruling Liberal Democratic Party's Research Commission on the Tax System, the government said 2.2 million yen should be deducted from the taxable income of salaried workers earning over 10 million yen a year, compared with 2.45 million yen currently deducted for those with annual incomes of over 15 million yen.
   The system is designed to deduct expenses from salaries, which are used as the basis for calculating income and residential taxes.
   The government also proposed setting the deduction amount at 2.3 million yen for salaried workers earning over 12 million yen a year.
   Separately, the LDP tax commission is planning to propose offering less tax deductions for company executives earning over 20 million yen a year as their incomes rise, with the deductible amount falling to 1.25 million yen when annual incomes surpass 30 million yen, for example.

(2013/12/05-16:32)

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