Discussions between the ruling parties on next year's tax reform began in earnest on the 18th.
In addition to the expansion of "NISA", which supports individual asset management, measures to reduce the burden on small businesses will also be focused on the "invoice system" of the consumption tax that will be introduced in October next year.
On the 18th, the Liberal Democratic Party and the Komei Party held a general meeting of the Tax Research Commission and began full-scale discussions.
The themes of this discussion will include the expansion of NISA, which exempts individual investors from taxation on gains from the sale of stocks and investment trusts, and the continuation of the eco-car tax exemption, which expires at the end of April next year.
Furthermore, measures to reduce the burden on small businesses will be discussed in conjunction with the introduction of the "invoice system" of the consumption tax from October next year.
An invoice is an invoice that describes the tax rate and amount of tax exchanged between businesses, and is necessary to receive consumption tax deductions and refunds.
However, for small business operators, there are voices that the administrative burden of issuance is heavy, and some within the ruling party are of the view that some kind of burden reduction is necessary.
For this reason, in this discussion, we are also considering a mechanism to reduce the administrative burden on small businesses, such as allowing consumption tax deductions without invoices for small transactions.
The Liberal Democratic Party and Komeito will decide on the ruling party's tax reform outline by the middle of next month.