JAPAN GOVERNMENT EYES HIGHER TAXES ON WELL-PAID PENSIONERS TO ADDRESS DISPARITY - TOKYO

JAPAN GOVERNMENT EYES HIGHER TAXES ON WELL-PAID PENSIONERS TO ADDRESS DISPARITY - TOKYO

@Jr_Paku Midin Channel

TOKYO

The Japanese government and ruling coalition are considering imposing heavier taxes on working pensioners with high salaries, as part of tax reforms aimed at reducing disparities with working generations, a source close to the matter said Thursday.

The government is expected to set an income tax deduction cap on the combined total of salaries and pension, as these pensioners aged 65 and older would have a lighter tax burden than the working generations relying solely on wages, the source said.

Prime Minister Shigeru Ishiba's ruling Liberal Democratic Party and its junior coalition partner, the Komeito party, are expected to decide the deduction ceiling during talks at their tax system panel, the source said.

The welfare ministry plans to raise the threshold for reducing pension payments to working seniors with a certain level of income from a combined monthly income of 500,000 yen to 620,000 yen, a ministry source said.

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@Jr_Paku Midin Channel