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Japan's LDP Tax Panel Agrees To Extend Stock Tax Cuts,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, December 11, 2007
The tax policy panel of Japan's ruling Liberal Democratic Party (LDP) has reportedly
reached an agreement in principle to extend tax breaks for investment in stocks
and shares, although the eligibility of the scheme will be curtailed.
Under the 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.
A separate government tax panel had suggested that these tax breaks should
not be renewed, to help reduce Japan's huge public debt, despite warnings from
investors and analysts that such a move could have a detrimental impact on Japan's
equity markets.
However, according to reports in the national media, the LDP's tax policy panel
has agreed that the tax breaks should remain, but with a new income ceiling
imposed. Under this proposal, it is thought that the 10% capital gains tax rate
will be extended for up to two years on income up to 5 million yen (US$44,700),
while the discounted dividend tax rate will also continue with an income ceiling
of between 500,000 yen and 1.5 million yen.
However, these proposals may be rejected by the upper house of parliament,
where the ruling coalition suffered a major electoral defeat earlier in the
year.
The less influential government tax panel had proposed as an alternative that
investors should be able to offset losses from stock investments against taxable
income from the 2009 fiscal year, so that incentives to invest in the market
would be retained.
The coalition is set to announce its plans for the tax system for the coming
fiscal year on Thursday.
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