The government's Tax Commission on Friday compiled its basic policy for fundamental tax reform over the medium and long terms, aiming for fiscal reform by securing tax revenues.
The report focuses on future increases in tax burdens, including consumption tax hikes, to sustain Japan's fiscal balance. It makes no mention of quick tax cuts to spur the economy.
According to the report, tax deductions for individual income and corporate tax breaks should be consolidated or abolished, making way for a system of taxation functioning on a broad-based and equal burden-sharing basis.