surtax

Supermarket bosses highlighted that part of the government's business rates reforms posed a problem for the industry, in particular the so-called business rates surtax, which is being levied on all large commercial premises.

Payroll taxes paid by employers are rising not only to cover payouts to unemployed workers but also a state surcharge and a gradually increasing federal surtax to help pay off the principal on the debt.

State legislative leaders have added the idea to their budget proposals, suggesting a surtax on the wealthy to fund it.

Among the tax increases expected to be included in the budget is raising the Medicare surtax on earned and unearned income from 3.8% to 5% for individuals making more than $400,000.

Japan would adopt a corporate surtax of 4%-4.5% with a deduction of 5 million yen for small firms, while adopting surtax of 1% on incomes for the time being.