Japan to prevent firms forgoing wage hikes from receiving deduction - draft

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TOKYO : Japan will prevent big firms raising wages by less than 1per cent from receiving tax deductions as part of efforts to prod companies into hiking salaries, a final draft of the ruling party's annual tax reform plan showed on Wednesday.Companies raising wages by 4per cent from year-before levels wil

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TOKYO : Japan will prevent big firms raising wages by less than 1per cent from receiving tax deductions as part of efforts to prod companies into hiking salaries, a final draft of the ruling party's annual tax reform plan showed on Wednesday.

Companies raising wages by 4per cent from year-before levels will receive a tax deduction of up to 30per cent from their taxable income, according to the plan obtained by Reuters.

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