Japan's ruling parties on Thursday adopted tax reform policies for fiscal 2014, seeking higher taxes on households despite a planned consumption tax hike next year while giving preferential treatment to companies to accelerate the nascent economic recovery.
Prime Minister Shinzo Abe's Liberal Democratic Party and its coalition partner New Komeito decided to provide tax breaks for the corporate sector to strengthen the "Abenomics" policy mix, entailing steps to boost private-sector investment.The ruling camp has also decided to increase taxes on company workers and car owners in an effort to restore Japan's fiscal health, the worst among developed nations, highlighting the difficulty of achieving a balance between economic revitalization and fiscal consolidation.
Source: NewsOnJapan
Source: NewsOnJapan
