Japan's government is considering spending around $33 billion for payouts to low-income households and an income tax cut in a package of measures to cushion the blow to households from rising living costs, three government officials told Reuters on Wednesday.
The spending, currently estimated around 5 trillion yen , will include a blanket, one-off income tax cut worth 30,000 per person and residential tax cut worth 10,000 yen respectively, which will be implemented in June 2024, a draft of the plan obtained by Reuters showed.
Details on tax cuts will be discussed by the ruling party's influential tax panel toward the year end, said the officials, who spoke on condition of anonymity as they were not authorised to speak publicly. Tax revenue has grown this year, and Murai said the prime minister wanted to find a way to return some of that to the public to support households.
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