Japan mulling tax breaks to promote home renovation

The Japan Times 

Lawmakers and the Abe administration are mulling a plan that would offer tax breaks to incentivize the renovation of aging houses, Jiji Press learned Sunday. The government and the Liberal Democratic Party-led ruling coalition believe the improvements will boost the quality of older houses and strengthen the housing market at a time when the number of unoccupied homes is growing, sources said. The ruling party's tax panels are expected to work out details so that they can include the breaks in their tax system reform packages for fiscal 2017, slated to be finalized on Dec. 8, the sources said. The government currently offers income and fixed-asset tax breaks for those who carry out renovations to make their houses more earthquake resistant and energy efficient. The government and the ruling camp are considering offering bigger tax breaks to those who carry out improvements so that their houses meet requirements for certification as high quality homes that will remain structurally sound.

  Country: Asia > Japan (0.74)