Ruling, Opposition Blocs Affirm Need to Review 1.03-M.-Yen Barrier

   Tokyo, Nov. 10 (Jiji Press)--Senior officials of Japan's ruling and opposition parties broadly confirmed on Sunday that it is necessary to review the 1.03-million-yen annual income threshold for income tax.
   In a television program, Itsunori Onodera, policy chief of the ruling Liberal Democratic Party, said, "We need to consider making it easier for people to work if the income threshold serves as an impediment to work."
   At the same time, however, Onodera noted that annual income tax revenue would drop by 7 trillion to 8 trillion yen if the income threshold separating income tax payers and nonpayers is raised to 1.78 million yen as proposed by the major opposition Democratic Party for the People.
   "We need to talk about this first," he said, stressing the importance of considering how to make up for revenue falls at the central and local governments in case the threshold is raised.
   Mitsunari Okamoto, policy head of Komeito, the coalition partner of the LDP, said that discussions on alternative revenue sources should be made also in view of the benefits of tax reductions from the proposed revision.

(2024/11/10-13:14)

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