The Liberal Democratic Party’s panel on taxation agreed Thursday it will start discussions on reforming the tax system for 1999 after a new party president is elected.
Sohei Miyashita of the LDP Tax System Research Council told reporters after their meeting that the panel will talk about details of how to reform income and corporate taxes after the new LDP leadership lineup is named.
A new party president to succeed Prime Minister Ryutaro Hashimoto is now expected to be elected July 24. Hashimoto announced Monday he would step down to take responsibility for the devastating setback his party suffered in last Sunday’s Upper House elections.
Miyashita said the tax panel met Thursday because it was the date that Hashimoto said during his election campaign the council would discuss permanent income tax cuts for 1999 to help foster a demand-led economic recovery.
Hashimoto had also said the LDP hoped to conclude by year’s end a plan for lowering corporate taxes to international levels. “What the prime minister said is not his individual promise, but promises of the LDP,” Miyashita said. “However, we cannot promote relevant discussions before a new party leadership is decided.”
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