Ishiba Vows Income Tax Threshold Hike in Policy Speech

Tokyo, Nov. 29 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba pledged in his policy speech Friday to raise the minimum annual taxable income.

In his speech to both chambers of the Diet, the country's parliament, Ishiba also showed eagerness to revise the political funds control law again by the end of this year following the slush funds scandal involving factions of the ruling Liberal Democratic Party.

He emphasized his plan to "build a broad consensus" in the Diet after the LDP-Komeito ruling camp lost its majority in the House of Representatives, the lower Diet chamber.

In line with an agreement struck among the LDP, Komeito and the opposition Democratic Party for the People over the 1.03-million-yen income tax threshold, the prime minister vowed to "discuss (the threshold hike) as part of the tax system reform for fiscal 2025 and raise it."

He promised to propose solutions to concerns over an anticipated drop in tax revenues for local governments.

[Copyright The Jiji Press, Ltd.]