On the 23rd, the government decided on the tax reform outline for the next fiscal year, which was compiled by the Liberal Democratic Party and the New Komeito Party on the 16th of this month.
The Tax Reform Outline states that in five years from now, in fiscal 2027, more than 1 trillion yen will be secured as the financial resources necessary for the drastic strengthening of defense capabilities. It was included that such measures would be implemented over a period of several years.
In addition, the preferential tax system "NISA" for individual investors will be expanded to 18 million yen after removing the limit on the period that can be held tax-free.
In addition, regarding the "eco-car tax exemption," which reduces the automobile weight tax imposed at the time of vehicle inspection, the current system will remain unchanged until the end of next year. Extend until April.
In addition, in line with the consumption tax invoice system starting in October next year, if freelancers and other businesses with annual sales of 10 million yen or less become “taxable businesses”, consumption paid for purchases etc. Regardless of how much the tax is, we will introduce a three-year reduction measure that allows us to pay only 20% of the consumption tax on sales.
The government plans to submit tax-related bills incorporating the content of the outline to the ordinary session of the Diet at the beginning of the year.