Prime Minister Fumio Kishida of Japan announced plans for significant economic measures, including an income tax cut for households impacted by inflation and corporate tax breaks to encourage investment. Kishida aims to transition from a low-cost economy to one driven by sustainable wage increases and active investment. The proposed tax breaks have faced criticism from opposition leaders, who view them as a vote-buying tactic. Kishida emphasized the need for stronger supply capability and pledged intensive efforts to achieve this goal in approximately three years. The tax cut proposal comes as part of a broader economic stimulus package to be announced by the month’s end.
Japan’s PM Kishida Plans Bold Economic Measures, Including Income Tax Cut
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