Tax reduction 40,000 yen(減税 4万円)

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Tax reduction starts from June 6, Reiwa 6

On December 22, Reiwa 5, the “Reiwa 6 Tax Revision Outline” was approved by the Cabinet, and tax reductions will start! Isn’t this news beneficial to quite a lot of people?!

Eligibility

Residents who pay income tax for six years of Reiwa1 are eligible for the flat-rate tax reduction, and those whose total income for six years of Reiwa is 18.05 million yen or less2. Those who only earn salary are eligible if their salary is 20 million yen or less*3. So that’s true for most people!

*1 A resident is an individual who has an “address” in Japan or has a “residence” for at least one year.
 *2 Resident tax is for those whose total income in the previous year is 18.05 million yen or less.
 *3 Persons who are eligible for the income adjustment deduction are 20.15 million yen or less.

Amount of tax reduction

It is a total of 40,000 yen, including 30,000 yen in income tax and 10,000 yen in resident tax per person. Since it is per dependent, spouses and dependent relatives are also included. If you are a married couple and two children, the tax reduction will be 160,000 yen. It seems that about 86 million people fall into this category!

Method of implementation

Special deduction for salaried employees ⇒ 

An amount equivalent to the amount of the special deduction will be deducted from the amount of income tax, etc. to be withheld from the first salary, etc. paid on or after June 1, Reiwa 6. As a result, the amount of the portion that cannot be fully deducted even after deduction will be deducted sequentially from the amount of income tax etc. to be withheld on salaries, etc. paid during the 6th year of Reiwa.
In short, if you work for a company, you don’t have to do anything in particular to be applied.

Special Receipts for Business Income Earners, etc. ⇒

When filing an income tax return for 6 years of Reiwa (after January 7 of Reiwa), the amount of special deduction will be deducted from the amount of income tax.
This also seems to be applied in the usual procedure.

It is quite difficult for the child-rearing generation, especially if there are many children, because it will be quite an expense even for daily outings such as food and parks!
Such policies that are friendly to the child-rearing generation are very welcome!

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