Following a meeting of the Japanese Liberal Democratic Party's Research Commission on the Tax System on Monday, it emerged that the panel is opposed to Finance Ministry plans to repeal 3.3 trillion yen in tax cuts over the coming two fiscal years.
According to reports in the Japanese media, the LDP called for a more gradual reduction of the income tax cuts, arguing that economic growth in the country has slowed to the point where any sudden tax increases could prompt a return to recession.
However, this is not a view shared by Finance Minister Sadakazu Tanigaki, who argued last month that the economy was sufficiently strong enough for consideration to be given to the rolling back of the tax cuts, which were passed under Prime Minister Keizo Obuchi's administration.
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