The Tax Reform Outline for Fiscal Year 2025 has been announced by the ruling party
WebmasterOn December 20, 2024, the Tax Reform Outline for Fiscal Year 2025, presented by the Liberal Democratic Party and Komeito, was announced.
One of the most striking revisions in the outline is the response to the "1.03 million yen barrier," as advocated by the Constitutional Democratic Party of Japan.
The basic deduction for individual income tax (national tax) will be increased to 580,000 yen (from the current 480,000 yen), and the minimum salary income deduction will rise to 650,000 yen (from the current 550,000 yen).
With these increases—10,000 yen for each, totaling 20,000 yen—the "1.03 million yen barrier" will be raised to the "1.23 million yen barrier," as suggested by the opposition party.
Additionally, the income threshold for the child dependent deduction will be raised to 1.5 million yen (from the current 1.03 million yen), further raising the so-called barrier.
Furthermore, it has been indicated that the reduction in the dependent deduction for high school students will be postponed.
However, there is a possibility that some provisions may be amended, removed, or added during future discussions between the ruling and opposition parties, as well as during the deliberation of the reform bill in the National Diet.
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