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 guidelines and principles that govern how a government levies and collects taxes from individuals and businesses. It encompasses the framework for determining tax rates, the types of taxes imposed (such as income tax, sales tax, property tax, etc.), the various exemptions and deductions allowed, and the overall objectives of tax collection. Tax policy is essential for shaping economic behavior, influencing investment decisions, and redistributing wealth within a society. It plays a crucial role in funding public services, infrastructure, and government operations, while also being a tool for economic management and social equity. Effective tax policy aims to balance the need for revenue generation with considerations of fairness, efficiency, and the impact on economic growth.
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…