Japan Lower House Considers Bill for Individual Income Tax Adjustments

The Japanese lower house of parliament (Shugiin) Aug. 1 accepted for consideration House Bill No. 1, to make individual income tax adjustments to effectively increase minimum taxable income, from fiscal year 2025. The bill includes measures to: 1) increase the total amount of the maximum basic deduction and minimum employment income deduction to approximately 1.7 million Japanese yen (US$11,532) from 1.3 million yen (US$ 8,818); 2) introduce a deduction for dependent relatives under the age of 16; 3) increase the upper limit of the total income amount of specific dependent relatives, as defined, for eligibility for the dependent deduction; and ...