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The nation’s land-related taxes should be simplified to spur sluggish real estate sales, the Japan Association of Corporate Executives (Keizai Doyukai) said July 31.

In its proposal on revitalizing land usage and transactions in urban areas, Keizai Doyukai said that the current fixed-asset taxation system should be drastically reviewed and that its tax rate should be decided by each municipal government. The report also urges the government to change the complicated property tax system. There are now numerous taxes for holding real estate such as the land-holding tax, which was introduced during the bubble economy to discourage asset inflation, and the city-planning tax, revenues from which are used for city development projects.

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