TOKYO (Bloomberg): Japan is set to increase the annual limit on tax-free investment accounts aimed at the middle classes and raise taxes on ultra-wealthy individuals, as Prime Minister Fumio Kishida (pic) pursues his agenda of fairer distribution of the fruits of growth.
The revamped NISA tax-exempt system will expand the amount that people may invest over a lifetime to ¥18 million (US$131,000), according to documents seen by Bloomberg. It would allow investments of up to ¥1.2 million a year on installment accounts, triple the previous limit. The maximum amount on other accounts would be doubled to ¥2.4 million, in changes that take effect in January 2024.
