Japan Ruling Bloc Adopts FY 2025 Tax System Reform Package

   Tokyo, Dec. 20 (Jiji Press)--Japan's ruling camp on Friday adopted its fiscal 2025 tax system reform package featuring a plan to raise the minimum taxable income from the current 1.03 million yen per year to 1.23 million yen, the level proposed by the coalition to the opposition Democratic Party for the People.
   The DPFP, which boosted the number of its seats on the House of Representatives, the powerful lower chamber of parliament, in the Oct. 27 general election, has been seeking the threshold hike to 1.78 million yen. The secretaries-general of the ruling Liberal Democratic Party, its coalition partner Komeito and the DPFP have compiled a document in which they agreed to aim for raising the threshold to the level demanded by the opposition party.
   But talks among the three parties' tax panel chiefs fell apart as the DPFP side rejected the coalition-proposed hike to 1.23 million yen.
   The tax reform package includes the agreement among the secretaries-general and a pledge that the LDP-Komeito pair, which lost its Lower House majority in the general election, will "sincerely continue" discussions with the DPFP on the matter.
   At a meeting Friday, the LDP, Komeito and DPFP secretaries-general confirmed that the three parties will "continue to hold debates in good faith among their officials involved."

(2024/12/20-17:03)

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