Influential Japanese business groups, fronted by the Japan Business Federation are urging the government to freeze taxation on stock dividends for a one year period in the hope of allowing the depressed Nikkei average to recover somewhat. Japan's benchmark index ended last week at a 20 year low.
The lobby has the weight of support from the Japan Association of Corporate Executives and the Japan Chamber of Commerce and Industry. It wants to see tax exemptions on income earned from stock dividends and capital gains for individual investors during the financial year ending March 2004, a spokesman for the group explained.
The industry bodies would also like the government to remove stockholdings from the list of assets that are liable for inheritance tax.
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