The Tax Reform Outline for Fiscal Year 2024 has been announced by the ruling party
On December 14, 2023, the Tax Reform Outline for Fiscal Year 2024, presented by the Liberal Democratic Party and Komeito, was announced.
One of the most notable revisions in the outline is the revision of the non-deductible expense system for entertainment costs, which includes raising the deductible amount for meal expenses to 10,000 yen per person, doubling the previous limit of 5,000 yen.
This increase appears to reflect recent inflation trends, but with the current high demand for restaurant reservations and crowded dining establishments, there remains some uncertainty regarding the effectiveness of this measure.
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