Explainer-Why is Japan reviving debate on higher tax on investment income?

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Explainer-Why is Japan reviving debate on higher tax on investment income?

TOKYO - Japan's ruling party leadership race has revived debate on raising the country's tax on income from investments, a policy once shelved by the outgoing prime minister, as the world's No. 4 economy seeks to raise revenue to finance its massive budget.

But Kishida soon shelved the plan as he faced criticism from investors, who feared a potential shift from market-friendly economic policies under former Prime Minister Shinzo Abe and blamed Kishida for the falling stock market at the time. Kishida is stepping down this month, ending a three-year term marred by political scandals. The ruling Liberal Democratic Party is set to elect a new leader on Sept. 27 and by extension the country's next prime minister.Shigeru Ishiba, the former defence minister running in the leadership race, told a broadcaster that he would beef up the taxation on investment income if he became the next prime minister.

 

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