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JAMA: Japan Tax Could Cut Car Sales 16%
The scheduled hike in Japan's sales tax from 5% to 8% on April 1 could reduce new-car sales in the country 16% for the fiscal year that begins on that date, the Japan Automobile Manufacturers Assn. predicts.
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The scheduled hike in Japan's sales tax from 5% to 8% on April 1 could reduce new-car sales in the country 16% for the fiscal year that begins on that date, the Japan Automobile Manufacturers Assn. predicts.
The tax hike is Japan's first in 17 years. Sales over the past month have jumped 15% as consumers rush to beat the higher tax rate.
Japan plans to lower its separate vehicle purchase tax from 5% to 3%, but not until 2015 when the national sales tax will rise again, this time to 10%.
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