Monday is the launch day for tax-free individual investment accounts in Japan. Account holders will not have to pay taxes on capital gains and dividends from annual investments of up to 1 million yen, or about 9,500 dollars.
Government officials are targeting Nippon Individual Savings Accounts, or NISA, at individual investors. The tax-free period will last 5 years after investors open their accounts.
Officials hope the system will encourage people to move their money from savings accounts into investments.
Banks and securities firms started accepting requests in October to set up NISA accounts. So far, more than 3 and a half million people have applied.
Source:NHK
