Japan MOF Submits Bill to Partially Amend Income, Other Tax Acts

The Japanese Ministry of Finance Feb. 20 submitted to Parliament a draft bill to partially amend the Income Tax Act and other tax laws. The bill includes measures to: 1) increase the basic income tax deduction and minimum employment income deduction by 40,000 Japanese yen (US$255) each, with ongoing inflation linked adjustments; 2) raise the single parent deduction to 380,000 yen (US$2,429) and expand income thresholds for dependents and working students; 3) strengthen investment and wage growth incentives through expanded capital investment measures and enhanced R&D tax credits; 4) tighten consumption tax rules on cross-border e-commerce, introduce platform taxation, and ...