Japanese PM vows tax revenue return with income tax cut in mind
Japanese Prime Minister Fumio Kishida vowed on Monday to give back to the people part of increased tax revenues to ease their burdens while expressing..... Japanese Prime Minister Fumio Kishida has pledged to return some of increased tax revenues to people, while planning to study income tax cuts. He also pledged to take steps, including tax cuts, to revitalize the Japanese economy, which has been stagnant due to rising prices and sluggish wage growth. The prime minister said that the next three years will be designated as a period of transformation and his government will implement tax breaks for companies intending to raise salaries for employees and increase capital investment. He has expressed willingness to compile a new economic stimulus package and submit a supplementary budget for the current fiscal year through March 2024 to fund it.
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TOKYO, Oct. 23 (Xinhua) -- Japanese Prime Minister Fumio Kishida vowed on Monday to give back to the people part of increased tax revenues to ease their burdens while expressing his intention to study income tax cuts.
"Economy, economy, economy. I will give top priority to the economy above all else," Kishida said in his policy speech at an extraordinary parliamentary session, pledging to take steps over the next three years, including tax cuts, to rejuvenate the Japanese economy that has been stifled by rising prices and sluggish wage growth.
The prime minister said the next three years will be designated as a period of transformation, and his government will implement tax breaks for companies intending to raise salaries for employees and increase capital investment.
Strengthening supply chains and returning some of the increased tax revenue to people will be the two wheels of the economic package that is being compiled, Kishida added.
Kishida has voiced willingness to compile a new economic stimulus package by the end of October and submit a supplementary budget for the current fiscal year through March 2024 to fund it during the extraordinary parliamentary session set to run until Dec. 13.
Les sujets: Taxes