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Japan Mulls Reform Of Financial Transaction Taxation,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, November 29, 2007
The Japanese government and ruling coalition are reportedly considering plans
to introduce net taxation on financial transactions by 2009.
According to an online report by Nikkei Net Interactive, changes to the tax
system are being examined that would allow investors to deduct losses from stock
investments from dividend income by the 2009 fiscal year. The new system could
also be extended to interest income by the 2010 fiscal year, the report stated.
It is thought that the Ministry of Finance wants all financial transactions
taxed at a flat rate of 20% when the reforms are introduced.
However, at the same time, tax breaks on the trading of stocks may be abolished
under proposals from the government's tax advisory panel.
Under a scheme introduced in 2003 to encourage individuals to invest rather
than save, the tax rate on capital gains and dividends was cut to 10% from 20%.
The capital gains tax cut is due to expire at the end of 2008, while the dividend
tax cut is set to expire at the end of 2009, and the government's tax panel
has suggested that these tax breaks should not be renewed, despite warnings
from investors and analysts that such a move could have a detrimental impact
on Japan's equity markets.
The Liberal Democratic Party's own tax advisory panel may,
however, recommend that this proposal is reversed.
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