The ruling Liberal Democratic Party’s policymaking panel on land and transportation agreed Wednesday to seek tax breaks for sellers of real estate as part of a government emergency economic package that was unveiled Friday, party sources said.
The tax break is reportedly aimed at promoting a development project of the public Urban Development Corp.
Boosting liquidity in the real estate market is one of the key pillars of the economic package, which also focuses on accelerating the disposal of bad loans held by Japanese banks and revitalizing the Japanese stock market.
The panel also agreed to demand tax exemptions on small gains from the sales of real-estate securitization products, the sources said.
The panel will propose the measures to the LDP’s tax panel, they said.
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