Japan's ruling parties on Friday approved their tax reform plans for the next fiscal year starting April aimed at funding a scheduled defense budget hike through increases in corporate and tobacco levies from 2026.In an attempt to increase people's disposable incomes, the Liberal Democratic Party and its junior coalition partner Komeito also agreed to raise the annual income threshold on earnings of individuals aged 19 to 22 with jobs, at which their parents lose income tax deductions.The approval came as Prime Minister Shigeru Ishiba's ruling coalition, which lost its House of Representati…READ FULL ARTICLE
