2.3 M. Japanese salaried workers to face income tax hikes
Jiji -- Dec 14
Japan's ruling Liberal Democratic Party and its coalition partner, Komeito, adopted on Tuesday an income tax reform plan that will bring about heavier burdens on salaried employees earning over 8.5 million yen a year.

About 4 pct of all salaried workers in Japan, or some 2.3 million people, would face increases in income tax payments. The step will be put into place in January 2020.

The income tax reform has been the biggest issue in the fiscal 2018 tax system overhaul. Now that the matter has been settled, the ruling bloc is poised to compile on Thursday its tax reform package for the year starting next April.

Under the income tax revamp, the amount of basic deductions will be raised by 100,000 yen, while that of additional income deductions for salaried workers will be cut by 100,000 yen. The maximum income deduction amount will be lowered to 1.95 million yen from the current 2.2 million yen.

Corporate employees who have children aged up to 22 or family members in need of nursing care will be exempted from the tax hike even if they earn over 8.5 million yen a year. The number of such people will total about two million.

News source: Jiji
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