Japan's Ruling Bloc Approves FY 2017 Tax Reform Policies

Japan's ruling parties approved tax reform plans Thursday for fiscal 2017, setting the stage for a review of the spousal tax break system to boost participation by part-timers in the workforce as the economy struggles to gain strength. 
The key features of the reform for the year starting in April include raising the income cap for spouse tax deductions, unifying the tax rates on beer and beer-like drinks in stages, and rewarding small and medium-sized companies that raise wages with bigger corporate tax breaks, Japan's (Kyodo) news reported. 
The Liberal Democratic Party and its coalition partner Komeito decided to raise the income cap for the spouse tax deduction system to 1.5 million yen ($13,000) or less from the current 1.03 million yen.