Opposition CDP's Tax Cut Plan to Save 40,000 Yen per Head

   Tokyo, May 16 (Jiji Press)--The opposition Constitutional Democratic Party of Japan said Friday that its proposal to temporarily cut the consumption tax rate on food items to zero pct is estimated to reduce the annual tax burden by 40,000 yen per person.
   The measure, to be implemented for a year in principle, was included in the party's draft campaign pledges for this summer's election of the House of Councillors, the upper chamber of parliament, announced the same day.
   The proposal, to be introduced next April, is seen costing 5 trillion yen a year. The CDP said the cost would be covered by taking money from government funds, utilizing surpluses in the foreign exchange fund special account and reviewing tax-related special measures.
   "A responsible tax cut plan shows a deadline and sources of funding," CDP President Yoshihiko Noda said, emphasizing his party's policy of avoiding issuance of debt-covering bonds to maintain fiscal discipline.
   Under the CDP's plan, food products, currently subject to a reduced consumption tax rate of 8 pct, would be taxed at zero pct for one year. The measure could be extended once for a year depending on economic conditions.

(2025/05/16-20:04)