Japan should avoid rushing into raising capital gains tax as doing so could send a wrong message to markets when Japan is encouraging financial investment, a senior government official said on Sunday.
"Strengthening taxation could send a wrong signal that runs counter to our aim of expanding investment," Deputy Chief Cabinet Secretary Seiji Kihara said in a programme on broadcaster FNN, referring to capital gains tax.
In Japan, differences between the income tax and capital gains tax rates causes what is known as the wall of 100 million yen, at which the effective tax rate on financial investment income starts to decline. Separately, Kihara said the government was committed to boosting defence even though the funding for it was still in question, especially after a five-year spending plan ends in 2027.
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