DPFP Urges LDP to Take Tax Reform Action in FY 2024

   Tokyo, Nov. 8 (Jiji Press)--The opposition Democratic Party for the People on Friday asked the ruling Liberal Democratic Party to take action within fiscal 2024, which ends in March next year, to review the annual income threshold that separates payers of income tax and nonpayers from the current 1.03 million yen.
   A request to raise the income threshold to 1.78 million yen permanently was also made by DPFP policy chief Makoto Hamaguchi to his LDP counterpart, Itsunori Onodera, during the two parties' first round of policy talks since the LDP-Komeito ruling camp lost its majority in the House of Representatives, the lower chamber of Japan's parliament, in October's general election. Hamaguchi demanded a gasoline tax cut as well.
   The two parties agreed to hold talks between their tax research committee heads.
   During the Lower House election campaign, the DPFP pledged to increase take-home pay. There is a proposal being floated within the DPFP to compensate for the increased tax burden on parents of students who work part-time and earn more than 1.03 million yen annually.
   The government plans to compile a comprehensive economic stimulus package by the end of this month and to enact a supplementary budget bill for fiscal 2024 to secure financial resources by the end of next month. The government and ruling bloc hope to win cooperation from the DPFP in parliamentary management, including approval of the budget bill, by taking into account some requests from the party, which made substantial gains in the general election.

(2024/11/08-16:10)

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