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Tax amendment debate begins

October 22, 2014

Tax amendment debate begins

The Party's Research Commission on the Tax System (Chairperson: Takeshi Noda, member of the House of Representatives) held a study group session for a general discussion of fiscal and tax policy on October 22. This marks the effective start of discussions that will produce the tax reform proposals for FY2015. Going forward, there will be a number of study group sessions devoted to specific topics, followed by a plenary session in mid-November, during which the specifics of tax reform for the next fiscal year will be debated.

At the start of the session, Chairperson Noda outlined the schedule and said, "We have a number of issues to address this year. We need to do our homework in advance." He explained, "We must create a concrete policy background, and this requires that our feet be planted firmly on the ground and our vision be towards the future." He emphasized the sharing of this basic perception in advance of the full debate.

Among the items on the agenda are corporate tax reform and introduction of a reduced consumption tax rate. The "Basic Policies for Economic and Fiscal Management and Reform 2014" (June cabinet decision) instruct "discussions and a specific proposal by the end of the year" for a reduction in the effective corporate tax rate. Meanwhile, the FY2014 tax reform proposals stipulate reductions in certain areas when the consumption tax rate reaches 10%.

Prior to opening the floor for discussion, members heard explanations from the government officials about national and local finances and the social security environment. The Coalition's tax panel also reported findings from interviews with 62 organizations held in July and August on the topic of reduced consumption tax rates.

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