Tokyo, Nov. 27 (Jiji Press)–Japanese Prime Minister Shigeru Ishiba plans to say in his upcoming policy speech before parliament that the government will raise the minimum annual taxable income, it was learned Wednesday.

“We will discuss (the threshold hike) as part of the tax system reform for fiscal 2025 and raise it,” Ishiba will tell both chambers of parliament Friday.

He will also say that the government will “consider and reach a conclusion on a general review of automobile-related taxes,” including a possible cut in gasoline tax through the scrapping of a provisional additional levy.

The changes to the 1.03-million-yen income tax threshold and the gasoline tax are based on an agreement inked by the ruling Liberal Democratic Party, its junior partner, Komeito, and the opposition Democratic Party for the People.

In his speech, Ishiba will say he will “listen carefully to opinions from other parties and work sincerely and humbly” to manage the government, after the ruling bloc lost its majority in the House of Representatives, the all-important lower parliament chamber, in last month’s general election.

[Copyright The Jiji Press, Ltd.]