The tax reform panel of Japan's ruling Liberal Democratic Party has agreed on income tax breaks aimed at offsetting the pain of price hikes on households to help change decades of deflationary mindset, a document reviewed by Reuters showed on Thursday.
- To encourage a virtuous cycle of growth led by private-sector demand, the tax policymakers are ramping up tax breaks on companies that raise wages.
- The ruling coalition will include the tax breaks in the fiscal 2024 tax reform framework that is finalised on Thursday.
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Japan PM Kishida has been sacking ministers in the midst of a corruption probe and slumping poll support.
