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Japan to Obligate Firms to Show Income Tax Cut on Pay Slips

Japan to Obligate Firms to Show Income Tax Cut on Pay Slips

   Tokyo, May 21 (Jiji Press)--Companies in Japan will be obliged to indicate on their pay slips the amount of income tax reduced as part of the fixed-amount tax cuts for individual taxpayers from June, government officials have said.
   "It's important to let the public recognize the benefits of the tax cuts," Prime Minister Fumio Kishida told a Liberal Democratic Party executive meeting Monday.
   On Tuesday, Chief Cabinet Secretary Yoshimasa Hayashi made a similar remark, stressing the importance of public awareness of the benefits in order to break the deflationary mindset remaining in the country.
   The tax cuts are a one-time measure included in the government's tax reform package for fiscal 2024. Taxpayers will enjoy an income tax reduction of 30,000 yen per person and a residential tax cut of 10,000 yen.
   For salaried workers and their dependents, the income tax cut will be reflected in monthly pay and bonuses from June. As for the residential tax, there will be no levy in June, and reduced amounts will be collected from July.

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AFP-JIJI PRESS NEWS JOURNAL


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