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JAPAN PANEL EYES STREAMLINED TAX SYSTEM FOR FINANCIAL PRODUCTS.
TOKYO, July 1 Asia Pulse - Varying taxation practices now applied to different financial products should be streamlined and simplified, a Financial Services Agency research panel said in a report released Friday.
In particular, the panel called for improving the way foreign-currency deposits are taxed. Currently, currency gains are deemed miscellaneous income and taxed at one rate, while earnings from interest are taxed at another.
The panel also suggested simplifying how stockholdings are taxed. Capital gains reaped from the sale of stocks are subject to a 20 per cent tax, but dividends are deemed income ...
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