Japan’s Finance Minister Sadakazu Tanigaki indicated yesterday that the economy was now sufficiently strong enough for consideration to be given to the rolling back of tax cuts passed under a previous administration.
Tanigaki stated that the time is now right for a debate on partially rolling back or completely abolishing the income tax cuts passed in 1999 under Prime Minister Keizo Obuchi, as economic conditions have changed since their implementation when the country was “severely suffering.”
Tanigaki’s comments followed a recent announcement by the head of the governmental Tax Commission that a plan is being examined which will lead to a gradual phasing out of the tax cuts, beginning in 2006.
Japan is currently considering a package of fiscal reforms in order to address mounting social security expenditures and government debt, although Prime Minister Koizumi has repeatedly said that he will not countenance tax increases while he is in office.
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