Consideration for the 2011 Tax Reform Bill has currently been put on hold in the Lower House for the time being. The bill would lower the effective tax rate for corporations, and among the changes, reduce the limit on carry-over loss deductions, which was originally scheduled to take effect starting in April of this year. Currently both houses are divided on the issue, and because it seems the lower house won’t get two-thirds of votes, the bill will be difficult to pass without cooperation from opposition parties. The Liberal Democratic Party (LDP), which has many seats in the Upper House, has been opposed to such reforms as lowering corporate tax by 5% and reforms on tax exemptions for adult dependents. However, there will still be plenty of opportunities in the near future for all parties to come together and decide on at least some of the reform issues on the agenda. Z’xent Pro will watch the issue carefully and update our website as changes occur.
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