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Japan's Coalition Agrees Two-Year Stock Break, But Delays Consumption Tax Decision,
by Mary Swire, Tax-News.com, Hong Kong
Monday, December 17, 2007
Amid jittery markets, Japan's ruling coalition has agreed to extend a scheme
offering stock investors lower rates of capital gains and dividend tax, but
has delayed a decision on whether to raise consumption tax.
The tax breaks, which halved the tax rate to 10% on capital gains and dividends,
were due to expire at the end of 2008 (for capital gains) and March 31, 2009
(for dividends), and the government had considered letting the scheme lapse
to bolster much-needed revenues. But with the fallout from the US sub-prime
mortgage crisis and high oil prices continuing to send nervous ripples through
the Japanese equity markets, the coalition has decided to retain the tax breaks
for another two years to encourage stock investment.
However, the scheme has been restricted so that the 10% tax rate will apply
to only the first 5 million yen (US$44,300) of capital gains and 1 million yen
in dividends.
The coalition faces a battle to get the proposal implemented as it is not supported
by the opposition Democratic Party, which holds a majority in the upper house
of parliament.
It has also emerged that the more contentious decision on whether to increase
the 5% consumption tax has been put off once again by the coalition.
While there seems to be a growing consensus that the tax, which is low compared
to similar levies in other industrialised economies, should be increased to
help pay for Japan's growing social security burden, such a move would be highly
unpopular with the public and the government is mindful that it could face an
election next year.
According to Japanese Prime Minister Yasuo Fukuda, it is "too early to
tell" when the consumption tax should be increased.
"We have to consider the issue of the social welfare system first,"
he told reporters on Thursday.
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