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Japan to Confirm Sales Tax Hike for 2019
Japan is likely to confirm today that the country’s sales tax will rise from the current 8% to 10% next October, sources tell The Japan Times.
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Japan is likely to confirm today that the country’s sales tax will rise from the current 8% to 10% next October, sources tell The Japan Times.
Prime Minister Shinzo Abe is expected to announced the plan today after a special cabinet meeting to approve the government’s supplementary budget. The tax was increased from 3% to 5% in 1997 and to 8% in 2014.
Abe has twice delayed plans to raise the tax to 10% to avoid stalling Japan’s weak economic growth. The increase in 2014 was widely blamed for depressing car sales and pushing the country into a short-lived recession.
Today’s announcement will be accompanied by cabinet-level initiatives to shore up consumer spending, according to The Japan Times. The newspaper says government agencies will be encouraged to offer tax breaks and other incentives on car and home purchases.
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