Japan's ruling coalition has sanctioned a tax reform package for the next financial year, including a new consolidated taxation system for companies and their subsidiaries which allows them to be taxed as one group.
Proposals for the new tax system involve a 2 percentage point surtax for firms who adopt the system for two years on top of the current 30 per cent group corporate tax rate. The package also contains plans to introduce a system in which securities companies will be obliged to file tax returns on behalf of individual stock investors when the current withholding tax system on stock sales is withdrawn in January 2003.
It was also agreed that tax breaks on entertainment
expenses for companies capitalised at between 10 million yen (79,000 dollars)
and 50 million yen (395,000 dollars) will be increased but tax breaks
on the savings of people above the age of 65 will be phased out between
January 2003 and December 2005. It is expected that the Japanese government will submit a bill introducing
the reforms to parliament before next May.
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