Japan's Lower House has approved government proposals this week to reform the taxation rules for for retail investors.
Japan currently has a dual capital gains tax system under which the tax on stock transactions can either be paid as a 1.05 per cent withholding tax on sales of shares, or as a 26 per cent tax on total gains for the year. The parliamentary panel has decided that the withholding option will be abolished by the end of next year and the capital gains tax should be reduced; this is likely to be from 26 per cent down to 20 per cent.
In addition, shares will escape capital gains tax that are bought before the end of 2002 if the total holdings come to under 10 million yen and the shares are held for around two to five years.
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