Some in the ruling and opposition parties are asking the government to lower the consumption tax from the current 10% to spur consumer spending. However, a senior LDP official opposed the idea, saying, “Businesses have finally adapted to the tax hike to 10% following its implementation in October 2019. If it is lowered, they would face confusion.” The official continued, “It would also be a hassle to bring the once lowered tax to the original rate, and it would take time before the measure proves effective. It would be difficult in two or three ways.
Source: mainichi.jp
Latest Posts in "Japan"
- Japan Weighs Fiscal Impact of Suspending 8% Consumption Tax on Food and Drinks
- Japan Party Leaders Spar Over Consumption Tax and Policy Ahead of Snap Election
- Takaichi Vows Zero Consumption Tax on Food by Fiscal 2026 in Election Pledge
- Japan Mulls Scrapping Food Tax: Economic, Fiscal, and Yen Implications After Snap Election
- Japan Considers 2-Year Suspension of 8% Food Consumption Tax Amid Cost-of-Living Crisis
