The government's Council on Economic and Fiscal Policy is drawing up an economic revitalization package featuring the introduction of a fall vacation for schools and a three-year plan to promote outsourcing of public-sector services, according to an interim draft report.
The council, led by Prime Minister Junichiro Koizumi, is also considering introducing a system to lower taxes on financial and capital gains, such as interest on bank deposits and savings, and profits from sales of stock, said the draft report obtained Wednesday by Kyodo News.
In the area of tax reform, the draft calls for expanding the application of the consolidated taxation system to subsidiaries in which parent firms hold at least 80 percent stakes. A bill to be submitted soon to the Diet states the system is applicable only to wholly owned subsidiaries.
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