Japan’s tax plan for FY 2022; new deduction on increasing wages & duties to ensure 15% minimum tax rate
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- By Chetan Kulasri
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- Last Updated on 24 February, 2026
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News, dated 10-12-2021
Japan’s government has adopted a tax plan for the fiscal year 2022 on 10th December 2021. The basic aim of the newly approved tax plan is to provide tax incentives to businesses on increasing wages. This decision is taken to boost household income and lift consumption, reduced due to Covid-19 pandemic. In October 2021, Prime Minister Fumio Kishida vowed to enhance support for firms raising wages that will help the redistribution of wealth accumulated within companies in the form of retained earnings and other reserves.
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