Japan’s Economic and Fiscal Policy Minister, Kaoru Yosano, has made further comments about the need for an increase to the country's rate of consumption tax.
At present, consumption tax is levied at a rate of 5% and the government has proposed raising this from 2011 onwards, possibly to a level of 10%, in order to secure enough revenues to meet future social security costs. However, the proposal, which has been discussed by successive Japanese administrations for years, is hugely controversial, especially given the current economic climate and its effects on consumption.
The government, headed by Prime Minister Taro Aso, is also currently struggling to gain enough parliamentary backing to implement a JPY2 trillion (USD22.4bn) economic stimulus package, which is aimed at boosting the revenues of low-income households and providing tax relief to companies.
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