Thursday, August 11, 2022

Osaka government plans for IR tax revenue division


Osaka’s governing party has finalized its plans on how to divide IR local tax revenues in the event that the central government licenses the Yumeshima IR and its separate initiative to administratively merge Osaka prefecture and city is approved in a popular referendum expected to be held in late 2020.

In the event that the administrative reorganization is approved by residents in the late 2020 referendum, what is currently Osaka city would become four special wards. The plan is that these four wards would divide the IR tax revenues in proportion to their resident population.

The draft plan anticipates that the new Kita Ward would have a population of about 750,000 (28 percent); the new Chuo Ward about 710,000 (26 percent); the new Tennoji Ward about 640,000 (24 percent); and the new Yodogawa Ward about 600,000 (22 percent).

Local revenues to be produced by the Yumeshima IR are anticipated to be in the range of JPY35 billion (US$320 million) per year, which would be divided accordingly.

If voters approve the initiative of the governing Osaka Restoration Association, the new administrative system would come into effect in January 2025, according to the plan.

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