Japan mulling hike in basic deductions
Jiji -- Nov 17
Japan's government and ruling camp have started discussions on lowering salary deductions, mainly for high-paid employees, while raising basic deductions applied to all taxpayers, informed sources said Thursday.

As one option, they are mulling increasing the annual basic deduction amount to around 500,000 yen from the current 380,000 yen, according to the sources.

The steps are expected to increase tax burdens for high-income employees while reducing tax for those working freelance.

By reviewing the current deduction system, which is more beneficial to company employees, the government and the ruling pair of the Liberal Democratic Party and Komeito are aiming to narrow the gaps between salary earners and others amid diversifying work styles in the country, the sources said.

The LDP and Komeito are set to discuss specifics at their respective tax panels from next week, in the hope of including the deduction system revision in the government's fiscal 2018 tax system reform package, to be compiled in late December, the sources said.

News source: Jiji
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