Japanese workers and their employers are expected to hand over an average 42.5% of their income on taxes and social welfare premiums during the 2018 fiscal year.
According to NHK World, the Finance Ministry said the percentage should edge down by 0.2 points compared with last year but will still remain at more than 40% for the 5th year in a row. The tax rate will be the fourth-highest on record in the country.
The Ministry attested that individual and corporate incomes were rising due to a gradual economic recovery and so were expected to increase at a faster rate taxes and premiums.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
Japanese workers and their employers are expected to hand over an average 42.5% of their income on taxes and social welfare premiums during the 2018 fiscal year.
According to NHK World, the Finance Ministry said the percentage should edge down by 0.2 points compared with last year but will still remain at more than 40% for the 5th year in a row. The tax rate will be the fourth-highest on record in the country.
The Ministry attested that individual and corporate incomes were rising due to a gradual economic recovery and so were expected to increase at a faster rate taxes and premiums.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
