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Asia Pacific Tax News
BJP pledges to revise income tax brackets if re-elected
India’s ruling BJP party says it will revise income tax brackets if re-elected in the seven-phase general election, starting from 11 April. “We are committed to further revise the tax slabs and the tax benefits to ensure more cash and greater purchasing power in the hands of our middle-income families,” the BJP said in its election manifesto.
Times of India
China launches tax reduction campaign
China has launched a 50-day campaign to promote the implementation of tax reduction policies. The government in Beijing wants to reduce the tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan ($298bn) this year, according to a recently-published government work report.
Japan must proceed with sales tax increase, says Abe
Japan must implement a planned sales tax increase later this year to meet the cost of a rapidly ageing population. “Japan must proceed with fiscal reform,” Japanese Prime Minister Shinzo Abe told parliament. “On the other hand, the government is ready to deploy fiscal spending flexibly as needed,” he added.