Japan Lower House Considers Bill to Amend Various Tax Laws

The Japanese lower house of parliament (Shugiin) Feb. 2 accepted for consideration Bill No. 1, to amend various tax laws. The bill includes measures to: 1) provide a flat-rate reduction of 30,000 Japanese yen (US$202) per resident with an income of 18 million yen (US$121,008) or less; 2) provide special tax deductions for housing loans for specific certified housing; 3) revise the special tax credit system for research and development expenses, and machinery and building depreciation; 4) establish a five-year carry-forward deduction system for small and medium-sized enterprises (SMEs); 5) create additional tax deductions for companies supporting work-life balance activities; ...