Japan’s freshly re-appointed Finance Minister Sadakazu Tanigaki told reporters on Monday that it was too early to discuss the possibility of an increase in the country’s rate of consumption tax.
Speaking at a news conference following the first meeting of Prime Minister Junichiro Koizumi’s new cabinet, Tanigaki stated that the government must focus on overhauling the income tax system before addressing the thorny political issue of consumption tax.
"I think it is too early to discuss what rate the tax should be increased to," noted Tanigaki.
However, he acknowledged that an increase in the levy is likely to be an inevitability given the nation’s debt problems and the growing cost of maintaining the social security system.
While Koizumi has pledged not to raise consumption tax as long as he remains Prime Minister, he nonetheless commented that he welcomes the debate on the issue.
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