Types of taxes. Trends in tax revenue, by tax item

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1 Types of es Taxes can be roughly categorized as es on income, es on consumption, and es on property Income es Consumption es, corporation Property es Consumption, etc Inheritance, etc Trends in revenue, by item Tax revenue fluctuates due to various factors, such as economic changes and system revisions While revenue from individual income and corporation is susceptible to economic trends, consumption revenue has been relatively stable, staying at a level of around 1 trillion yen Trends in general account revenue 3 2 Recession period Corporation Consumption Commodity, etc Inheritance FY Note Figures up to FY211 are settled accounts, those for FY212 are settled accounts rough estimate, and those for FY2 are budgeted accounts

2 898 trillion yen 1% of revenue Through the repeated relaxation of progressive ation and enhancement of various deductions and exemptions, the burden of individual income has been reduced significantly Trends in individual income revenue Fundamental reforms Down by 39 trillion yen relaxation of progressive ation, increase in personal exemptions (basic exemption, exemption for spouses, exemption for dependents: from 33, yen to 3, yen), creation of special exemption for spouses and for specific dependents (4, yen)), etc Up by 1 trillion yen abolition of exemption of interest income on small deposits, ation on capital gains from shares, etc Tax reforms Down by trillion yen relaxation of progressive ation, increase in personal exemptions (basic exemption, exemption for spouses, exemption for dependents: from 3, yen to 38, yen), increase in employment income deduction Down by 3 trillion yen (increase in the maximum rate Up by trillion yen abolition of the additional part of special exemption for spouses 3 Up by 2 trillion yen review of income deduction for public pension, etc 2 Down by 3 trillion yen transfer of revenue sources from individual income to individual inhabitants Up by trillion yen review of exemption for dependents aged under 1 and for specific dependents FY Notes revenues up to FY211 are settled accounts, that for FY212 is a settled account rough estimate, and that for FY2 is a budgeted account ; all were calculated after transferring revenue sources by way of income transfer 4 trillion yen in FY24, 11 trillion yen in FY2, and 3 trillion yen in FY2 The maximum rate for individual income has been reduced from % as of 198 to the current rate of 4% As a result of the FY2 Tax Reform, a new rate bracket 4% applicable to able income of over 4 million yen was created to be applied to income for 21 and onward Tax rate structure of individual income conceptual diagrams Current structure 2 after transfer of revenue sources 21 and onward the FY2 reform % % Individual income 3% 1 4 4% 4% 88% (Reference) Individual income individual inhabitants % % Individual inhabitants Individual inhabitants % % Individual inhabitants Individual inhabitants Individual inhabitants Note Special income for reconstruction shall be imposed at a rate of 21% of the income amount for the period from January 2 to December 23 12

3 The burden of individual income in is lower than that in other countries International comparison of burden of individual income, by employment income level 1 million yen million yen Couple with two children Couple with one child Single person Couple without children million yen As of January 2 Unit : million yen Notes 1 includes individual income and individual inhabitants, etc in, general social contribution Contribution Sociale Généralisée CSG and other es related to social security are imposed on income at a fixed rate currently 8% in total in is per income levy only 2 In the data of, children are general dependents aged between 1 and, or 23 or older in the case of a couple with two children, one of them is a specific dependent aged between 19 and 22 and the other is a general dependent In the data of the, children are aged 1 or older figures rounded off 3 Exchange rates: USD1=JPY81, GBP1=JPY, EUR1=JPY14 basic exchange rate and arbitrated exchange rate: average market rate in November 212 Approximately 8% of all payers in are eligible for relatively lower rates % or 1% International comparison of the percentage of payers returns, by marginal rate bracket for income As of April Marginal 3 rate Percentage in total Notes 1 Data for are calculated based on the budget for FY212, while taking into account the upper limit for employment income credit created by the FY212 Tax Reform 2 In the, where couples can choose individual ation or joint ation, and in, where es are paid by households, it is difficult to calculate the percentage of payers 3 For, where the rate changes successively depending on able income, the percentage of payers in each bracket is unknown

4 Inheritance 149 trillion yen 1% of revenue The burden of inheritance has been significantly reduced through the increase in basic exemptions and the drop in land prices Currently, an inheritance burden arises only with regard to 4% of people who die Trends in the proportions of able inheritance cases and inheritance revenue Inheritance revenue left axis Proportion of able cases right axis number of able cases in each year/ number of deaths in that year % Notes 1 Inheritance revenue includes gift revenue for each year figures up to FY211 are settled accounts, that for FY212 is a settled account rough estimate, and that for FY2 is a budgeted account 2 The number of able cases is from the National Tax Agency Annual Statistics Report, and the number of deaths is from the Vital Statistics Ministry of Health, Labour and Welfare Trends in the rate structure and basic exemptions for inheritance Category Prior to December 1988 reform Over million yen December 1988 reform FY1992 reform FY23 reform FY1994 reform 1, 1988 effective as of April 1, , 1994 Over million yen Over 1 billion yen Over 2 billion yen (existing system) 1, 23 FY2 reform 1, 21 Over 3 million yen Over million yen maximum rate: % maximum rate: % maximum rate: % maximum rate: % maximum rate: % maximum rate: % Tax rate structure Basic exemption Posted land price 14 2 million yen 4 million yen 32 million yen 4 million yen 8 million yen 4 million yen 48 million yen 9 9 million yen million yen 8 million yen 3 million yen 1 million yen 8 million yen million yen 48 million yen Same as left Notes 1 The figure in parentheses in basic exemption is the amount in the case where there are three statutory heirs spouse and two children 2 The posted land price is an index for the three metropolitan areas commercial districts, the level in 1983 being set as 1 14

5 Corporation 814 trillion yen 94% of revenue The basic corporation rate has been reduced from the perspective of responding to globalization and enhancing international competitiveness Corporation revenue had fluctuated widely along with changes in the economic climate, and since FY28, there has been a sharp drop in revenue caused by economic recession following the collapse of US investment bank Lehman Brothers Trends in corporation revenue 49 Corporation rate 434 Net profit before Corporation revenue FY Notes 1 Corporation revenues up to FY211 are settled accounts, that for FY211 is a settled account rough estimate, and that for FY2 is a budgeted account 2 Net profit before is based on the Financial Statements Statistics of Corporations by Industry Policy Research Institute, Ministry of Finance 3 For the three years from FY212, special corporation for reconstruction shall be imposed 1% of the basic Of all corporations in, only about 3% post profits and pay corporation Focusing on large corporations with capital of over 1 million yen, only % are in surplus, while the remaining % are in deficit Trends in the number of corporations and the percentage of corporations in deficit 1, corporations 8 23 Number of corporations right axis Percentage of corporations in deficit among all corporations left axis Percentage of corporations in deficit among corporations with capital of over 1 million yen left axis ,, corporations Source National Tax Agency, Corporation Sample Survey Notes 1 Data for FY19 to FY2 are related to the respective business years starting from February 1 each year and ending on January 31 of the following year, and data for FY2 and thereafter are related to the respective business years starting from April 1 each year and ending on March 31 of the following year 2 Data for FY23 to FY211 include consolidated corporations in terms of the percentage in all corporations, but do not contain consolidated corporations in terms of corporations with capital of over 1 million yen 3 As for the category according to capital, applied to the calculation of the percentage of corporations in deficit, corporations with capital of 1 million yen or more up to FY2 are targeted

6 In international comparison of the levels of effective rates of corporation ation the theoretical rate of burden after adjustment between national and local es on corporations, stands at a higher level than other developed countries, except for the It should be noted that when considering the level of burden on corporations, factors such as various -cut measures and the burden of employers social insurance premiums should also be taken into account in addition to the rates International comparison of effective rate of corporate ation Notes 1 The effective rate shown above is the total of rates on corporations, calculated on the assumption that part of on income of corporations may be deductible As of April 2 2 As for, local includes local special corporation sur corporation collected by prefectures as a national Corporation rate: 2% Enterprise rate: 32% Special local corporation : enterprise amount148% Corporation inhabitants : corporation amount2% and paid into the national treasury, and then transferred to prefectures in the name of local transfer of special Federal corporation rate: 3% State corporation rate: 884% corporation sur For corporation enterprise and local special corporation sur, the rate applicable to Corporation rate: 23% corporations with capital of over 1 million yen, which are subject to pro forma standard ation, is applied Added value Corporation rate:1% Solidarity surcharge: Corporation Corporation levy and capital levy are also applied For the three years from corporation amount rate: rate: FY212, special corporation for reconstruction shall be % 331/3% 22% imposed 1% of the corporation amount Trade rate:2% 3 For other countries, the effective rate is calculated while 4 taking into consideration the items generally taken into 4 consideration in the calculation of the corporation income National Local 4 amount under regional conditions Tokyo State of California nationwide average Sweden International comparison of social insurance contributions by employers ratio to national income 2 Social insurance contributions by employers ratio to national income Reference Corporation income revenue ratio to national income Sweden 21 Sources Cabinet Office, National Accounts ; OECD, Revenue Statistics and National Accounts, etc Notes 1 Social insurance contributions by employers include contributions by incorporated employers and individual employers, as well as contributions by those obliged to pay social insurance premiums in the public sector 2 In OECD, Revenue Statistics, some items relating to social insurance premiums are classified as unallocable, so the data for these items are allocated to the relevant items for the purpose of calculation 1

7 Consumption 149 trillion yen 1% of revenue Consumption plays an important role in ensuring that costs of public services, such as social security services, are shared among all generations broadly and fairly The government has taken reforms so as to increase the reliability and transparency of the consumption system Steps taken in the reform of the consumption system Upon establishment 1991 reform 1994 autumn reform Tax credit for consumption on purchases Effective as of October 21 1 million yen Not applicable to corporations founded by business entities with more than million able sales; only for two years following incorporation Not applicable to corporations with capital of 1 million yen or more,only for two years following incorporation Applicable maximum million yen 4 million yen Deemed rate of purchases: 2 classes 9% and 8% 2 million yen 4 classes classes Interim return/payment required thrice a year Decrease in the base annual amount million yen 9%,8%,%,and % 9%, 8%, %, %, % Twice a year interim payment and final return Self-assessment and payment Effective as of April 214 8% or 1% including local Bookkeeping and keepingof bills, etc required Applicable maximum 3 million yen Simplified ation 3% or 8% including local 4 Bookkeeping required Exemption threshold effective in April 24 Local consumption established 1% 3 Tax rate Comprehensive Reform of Social Security and Tax 23 reform effective in April 199 four times in total, with a final return Base annual amount for interim return: over, yen Interim return/ payment required 11 times a year 12 times in total, with a final return Base annual amount for interim return 48, yen 4 million yen: once a year 4 million yen 48 million yen : thrice a year Over 48 million yen : 11 times a year Base annual amount for interim return 48, yen 4 million yen : once a year Over 4 million yen : thrice a year Base annual amount for interim return, yen million yen : once a year Over million yen: thrice a year Price indication An additional interim return required Business entities whose base annual amount for interim return is 48, yen or less Obligation to indicate total price From FY1999 budget Intended for social security-related expenses Intended for welfare expenses Intended use Note In FY211, the exemption threshold has been revised to exclude from the scope of application such businesses whose able sales in the first half of the previous year or the previous business year exceed 1 million yen the revised system will be applicable to corporations for their settlements from December 2, and to individuals from FY2 In other countries, consumption value-added holds an important position as a fundamental In particular, EU member countries are obliged to set their standard rate at 1% or higher International comparison of value-added rate standard rate and rate for foodstuffs As of January 2 3 European Council Directive Standard rate European Council Directive Reduced rate Thailand Taiwan Singapore Philippines Indonesia China Turkey Switzerland Norway New Zealand Mexico Korea Israel Iceland Chile Canada Romania Malta Lithuania Latvia Cyprus Bulgaria Sweden Spain Slovenia Slovakia Portugal Poland Netherlands Luxembourg Italy Ireland Hungary Greece Finland Estonia Denmark Czech Republic Belgium Austria Australia EU OECD OECD Sources Interview surveys with the embassies, information available on the websites of the European Union and of the governments, etc Notes In the graph above, the blue sections represent the rates for foodstuffs The scope of foodstuffs to which the reduced rate is to apply is different from country to country; the standard rate may apply to some kinds of foodstuffs Unprocessed agricultural products and some other foodstuffs may be subject to different treatment from those described herein

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