(Update) LDP Launches FY 2025 Tax Reform Talks
Tokyo, Nov. 6 (Jiji Press)--Japan's ruling Liberal Democratic Party launched discussions Wednesday on tax reform for fiscal 2025, focusing on a proposal for raising the annual income threshold that separates payers of income tax and nonpayers from the current 1.03 million yen.
The opposition Democratic Party for the People, which made impressive gains in last month's general election, has been pressing to raise the threshold to 1.78 million yen.
The LDP plans to hold talks with the DPFP on tax and other policies after its ruling coalition lost a majority in the House of Representatives in the general election.
DPFP leader Yuichiro Tamaki has warned that any bills would not get through parliament depending on the LDP's response to its demands.
The LDP needs to hold talks with the DPFP "without any prejudgment," Yoichi Miyazawa, chairman of the LDP's Research Commission on the Tax System, told reporters after the panel's meeting on Wednesday.
(2024/11/06-13:54)
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