PM Ishiba Calls Minimum Taxable Income Hike Necessary

   Tokyo, Dec. 16 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba said Monday it is necessary to raise the minimum annual taxable income from 1.03 million yen to 1.78 million yen as agreed on by the ruling Liberal Democratic Party, its coalition partner, Komeito, and the opposition Democratic Party for the People.
   "The three parties have made the agreement because it is necessary," Ishiba said in response to DPFP lawmaker Tetsuji Isozaki's question at a House of Councillors Budget Committee meeting.
   Finance Minister Katsunobu Kato told Isozaki that raising the threshold should have "cyclical, ripple effects on consumption, corporate earnings and employment."
   Asked by Japanese Communist Party member Mikishi Daimon to explain why Ishiba decided to refrain from financial income tax hikes, the prime minister said he took into account both aspects of ensuring fairness in taxation and facilitating investment.
   Kato turned down Daimon's request for a consumption tax cut, stressing that the broad-based tax is "an important funding source to support a social security system for all generations."

(2024/12/16-20:06)

To read a full story, please click here to find out how to subscribe.