- Japan’s Cabinet approved a two-year cut in the food and beverage consumption tax from 8% to 1% starting next April.
- The inflation-relief plan also includes payments for low
- and middle-income households to effectively eliminate their food tax burden.
- This is the first time Japan has lowered its consumption tax since the system began in 1989.
- The measure is expected to create about a 10 trillion yen revenue shortfall, to be covered through spending and revenue reviews rather than deficit bonds.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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