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Japan's PM Kishida Announces Plans for Income Tax Cuts and Corporate Tax Breaks

Kishida's proposed tax breaks, designed to counter soaring costs and spur investment, face criticism as vote-buying attempt while they form part of a broader economic stimulus package to be announced by end of the month.

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Overview

  • Japanese Prime Minister Fumio Kishida announced plans for an income tax cut for households and tax breaks for companies to promote investment and uplift his sagging public support.
  • Kishida pledged to shift from an economy of low cost and wages to one led by sustainable wage hikes and active investment as he prepares to take 'unprecedently bold measures'.
  • The proposed tax cuts have been criticized as a vote-buying attempt, surfacing ahead of two by-elections.
  • They would form part of a broader economic stimulus, which Kishida plans to announce by the end of the month.
  • Kishida also urged China to lift its ban on Japanese seafood imports, imposed after the Fukushima Daiichi nuclear plant started releasing treated radioactive wastewater into the sea.