The Tax Debate That Could Reshape Japan’s Budget Landscape
Japan's government, led by the Liberal Democratic Party and Komeito, proposes to raise the income tax exemption threshold from 1.03 million yen to 1.6 million yen by 2025. The plan…
Tax policy refers to the rules, regulations, and laws that govern how taxes are collected, managed, and enforced by a government. It encompasses the structure of tax rates, the types of taxes imposed (such as income tax, sales tax, property tax, and corporate tax), and the overall objectives of the tax system. Tax policy aims to generate revenue for government operations, influence economic behavior, address income inequality, fund public services, and stimulate economic growth. It also involves decisions related to tax incentives, deductions, exemptions, and compliance measures aimed at ensuring that individuals and businesses fulfill their tax obligations. Tax policy can vary significantly between different countries and can reflect the priorities and values of a society, impacting economic conditions and the distribution of resources within the economy.
Japan's government, led by the Liberal Democratic Party and Komeito, proposes to raise the income tax exemption threshold from 1.03 million yen to 1.6 million yen by 2025. The plan…