Japan approves tax-code revision, OKs defence tax, with delay

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Japan's ruling bloc formally agreed on Friday to revise the national tax code for the next fiscal year starting in April, aiming to shift household assets into investment as part of Prime Minister Fumio Kishida's 'new capitalism' agenda.

Ruling bloc tax panel agree on FY2023 tax reform

On tax-code reform, Kishida has sought to shift Japan's 2 quadrillion yen in household assets away from savings and into investment, under his flagship initiative aimed at redistributing income. "It will be implemented at "an appropriate time" from 2024 onwards," Miyazawa told reporters on Thursday.

 

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