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Japan's 2018 Tax Reform Package Now Law

by Mary Swire, Tax-News.com, Hong Kong

06 April 2018


Following its passage through Japan's parliament, the Diet, measures in Japan's 2018 tax reform package became law on April 1, 2018.

The package cuts the corporate tax rate to 25 percent for companies who increase employee wages by three percent. A further reduction to 20 percent is possible for companies investing in improving their productivity or engaging in digitalization. The tax relief starts on April 1, 2018, and lasts for three years only.

Other measures include a rise in duties on tobacco products from October 2018, and a new departure tax of JPY1,000 (USD9.39) per person from January 2019.

Personal tax changes, taking effect from January 2020, include tax rises for workers earning more than JPY8.5m (USD79,783) per year, and reduced tax deductions for company employees.

The changes made are contained in three enactments, which were first announced in a tax reform package approved by the ruling Liberal Democratic Party on December 14, 2017.

TAGS: tax | business | fiscal policy | law | employees | budget | corporation tax | excise duty | ministry of finance | tax reform | individual income tax | Japan | Other

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