Liberal Democratic Party Tax Investigation Committee begins discussion on ``1.03 million yen wall’’
来年度の税制改正の議論が始まりました
Discussion on next year’s tax reform has begun
The biggest focus will be on reviewing the so-called ”annual income barrier of 1.03 million yen”
The Liberal Democratic Party’s tax system research committee held its first informal executive meeting after the House of Representatives election, and discussions began on next year’s tax reform.
The biggest focus is on the pros and cons of reviewing the so-called ”annual income barrier of 1,030,000 yen.”
The Democratic Party of Japan argues that the ``annual income barrier’’ of 1.03 million yen, which exempts people from income tax, etc., is causing part-time workers to refrain from working, and argues that the tax exemption limit should be raised to 1.78 million yen per year.
However, it is estimated that tax revenues at the national and local levels would decrease by 7.6 trillion yen if this were to happen, so attention is being paid to how the government will reach a compromise with the Democratic Party of Japan.
Other topics discussed at the meeting on the 6th included the unfreezing of the ``trigger clause’’ that lowers a portion of gasoline taxes.
The Liberal Democratic Party plans to compile a tax reform outline by the end of the year.
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