Japanese Finance Minister Masajuro Shiokawa said he favors a consumption tax hike as part of a drive to overhaul the nation's tax system, according to minutes of Monday's policy meeting made available Thursday. At the Council on Economic and Fiscal Policy, Shiokawa stressed the need for mid to long-term tax reform to rejuvenate the economy. Shiokawa said the consumption tax must be raised to rectify the "distortion" in today's tax system - a reference to the proportion of overall tax revenues accounted for by direct taxes. "We will use the consumption tax to change the ratio between direct and indirect taxes," he said. However, Prime Minister Junichiro Koizumi sidestepped the finance minister's comments, saying, "There are many different reforms other than the consumption tax hike that must be carried out."
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment