Official government announcements or updates on tax policy from the Ministry of Finance

Japan Set to Approve $87 Billion Economic Stimulus Package, Revising 103-Man Yen Wall with Cabinet Approval Soon

Nov 20, 2024, 09:01 AM

Japan's Prime Minister has reached an agreement with the opposition Democratic Party for the People regarding an economic stimulus package, which is expected to receive parliamentary approval soon. The coalition, comprising the ruling Liberal Democratic Party and Komeito, aims to align the economic package with fiscal responsibility. A significant aspect of the discussions includes a revision of the '103-man yen wall,' which pertains to income thresholds affecting tax benefits. The government is targeting the approval of an $87 billion economic stimulus package this week, with a focus on measures such as raising the income limit and reducing gasoline taxes. The economic measures are set to be finalized in the coming days, with a cabinet approval anticipated shortly.