Japan Ruling Bloc OKs 1.23-M.-Yen Income Tax Threshold

   Tokyo, Dec. 19 (Jiji Press)--Japan's ruling coalition Thursday agreed that their fiscal 2025 tax system reform package will stipulate an income tax threshold hike from the current 1.03 million yen per year to 1.23 million yen.
   The package will also reflect an agreement struck among the ruling Liberal Democratic Party, its coalition partner, Komeito, and the opposition Democratic Party for the People to aim to raise the minimum taxable annual income eventually to 1.78 million yen as the DPFP seeks. The package will be formalized Friday.
   The LDP and Komeito hope to resume their tax talks with the DPFP, which terminated the discussions Tuesday due to a lack of fresh proposal from the coalition.
   "We have expressed our wish to continue talks" with the DPFP, LDP tax leader Yoichi Miyazawa told reporters Thursday. "We don't know at this stage what will happen."
   The package will refer to the coalition's wish to hold such talks sincerely.

(2024/12/19-20:39)