Japan May Hike Taxes on Ultra-Wealthy, Coalition Tax Chief Says
- Tax breaks for efficient gasoline-powered cars should remain
- Hard to agree funding for green transformation this year
This article is for subscribers only.
Japan may opt to hike taxes on ultra-wealthy individuals with annual incomes of more than 1 billion yen ($6.8 million), according to the tax panel chief of Prime Minister Fumio Kishida’s junior coalition partner party Komeito.
Makoto Nishida was speaking as Komeito prepares to go into discussions with the ruling Liberal Democratic Party on tax policy for the year starting in April 2023. Kishida has referred to the need to reform a system under which people of incomes of more than 100 million yen are charged lower tax rates than the less wealthy.