Tax breaks eyed for companies raising wages by at least 3 pct
Jiji -- Nov 11
Japan's government and ruling bloc will hold full-fledged discussions on a plan to give companies tax incentives to raise wages by 3 pct or more under fiscal 2018 tax reform measures, informed sources said Friday.

The plan calls for expanding an existing program allowing companies to deduct part of the costs of their wages hikes from their corporate tax payments under certain conditions.

Currently, large companies are allowed to deduct up to 12 pct of the wage hike costs in exchange for pay increases of 2 pct or more year on year. The maximum rate stands at 22 pct for small and midsize firms.

The government and the ruling bloc of the Liberal Democratic Party and Komeito will consider extending the program, currently set to expire next March, and offering bigger tax deductions, the sources said.

At a Council on Economic and Fiscal Policy meeting last month, Prime Minister Shinzo Abe expressed his wish to "realize 3 pct wage hikes through a productivity revolution." He also suggested fresh government support to promote corporate pay hikes.

News source: Jiji
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