The Japanese government’s Tax Commission is likely to recommend an overhaul of both national and local taxation for the fiscal year 2005, according to reports in the national media.
As the government attempts to shore up its finances and devolve the taxation system to local authorities, reports suggest that the tax panel is likely to call for unification of the local income tax rate and a gradual phasing out of the fixed-rate local income tax deduction.
After talks on tax reform, which commenced last week, are concluded, it is thought that the panel will recommend a unified local tax rate of 10%, replacing the current three-tier system which levies rates at 5%, 10% and 13%. In addition, the basic annual deduction for national income tax may be expanded from Y380,000 to somewhere in the region of Y500,000 to 600,000.
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