Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.