(MENAFN) Japan's ruling parties adopted fiscal 2015 tax reform policies entailing corporate tax cuts and expansion of tax breaks to the wealthy, with an eye on propping up sluggish household spending and boosting business investment to aid the economic recovery, QNA reported.
By bolstering the profitability of big firms and prompting asset transfers from the elderly to the younger generation, Japan's Prime Minister hopes to strengthen his "Abenomics" policy mix and energize local economic across the nation, local media reported.
But the reform plan, crafted by the prime minister's Liberal Democratic Party and the Komeito party, does not contain drastic measures to support lower income earners and smaller companies, both dogged by price rises following the April consumption tax hike and the weaker yen.
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