Small Savings Tax Exemption System - Elementary School Savings Tax Exemption System

Japanese: 少額貯蓄非課税制度 - しょうがくちょちくひかぜいせいど

Commonly known as Maruyuu. According to Article 10 of the Income Tax Law, if the prescribed procedure (submission of a "tax-exempt savings declaration") is followed, income tax is not levied on interest income from deposits and other savings up to a certain amount. The system aims to encourage small savings and increase the general public's savings. The savings covered by this system include deposits (including employee deposits), jointly managed trusts (→ loan trusts, money trusts), and securities (limited to those public bonds and securities investment trust beneficiary certificates specified by government ordinance). Only individuals who reside in Japan can use this system. When the system was launched, the maximum principal limit was 1 million yen, but after subsequent revisions, it was raised to 3 million yen in April 1974. However, when the consumption tax was introduced in 1989, it was abolished except for some exceptions (such as deposits for the elderly). Other similar systems include (1) the tax exemption system for interest on small government bonds, (2) the tax exemption system for employee asset accumulation savings, and (3) the tax exemption system for postal savings.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

通称マル優 (まるゆう) 。所得税法 10条の規定により，所定の手続 (「非課税貯蓄申告書」を提出) をとれば，一定額までの元本の預貯金等の利子所得等について所得税が課税されない制度。少額貯蓄の優遇をはかり一般大衆の貯蓄の増強に資そうとするもの。この制度の対象となる貯蓄には，預貯金 (従業員預り金を含む) ，合同運用信託 (→貸付信託 ,　金銭信託 ) ，有価証券 (公社債および証券投資信託の受益証券のうち政令で定めるものに限る) がある。国内に住所を有する個人だけが利用できる。制度の発足時には元本の最高限度は 100万円であったが，その後の改正を経て 1974年4月 300万円まで引上げられた。しかし 89年の消費税の導入時に一部の例外措置 (高齢者預金など) を除いて撤廃された。このほか類似の制度として，(1) 少額公債の利子非課税制度，(2) 勤労者財産形成貯蓄の非課税制度，(3) 郵便貯金の非課税制度がある。

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