(Reuters photo)TOKYO: Japan's ruling coalition Thursday unveiled a tax reform package for fiscal 2018, which would raise income taxes on salaried workers earning over 8.5 million yen ($75,000) and taxes on tobacco products, as well as introduce a new departure tax on anyone leaving Japan. From October 2018, the tobacco tax will be raised by three yen per cigarette over a four-year period, while the tax on relatively new heat-not-burn tobacco products will also be increased in stages. For salaried workers earning more than 8.5 million yen a year, the maximum amount of deductions allowed will be lowered to 1.95 million yen from 2.2 million. But salaried workers with children up to age 22 and people needing nursing care will be excluded from that limit on deductions. Under the tax reform package, large companies that raise pay by 3% or more will qualify for a tax credit of up to 20% of the increased salary payments.

Source: Bangkok Post December 14, 2017 11:48 UTC