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Japanese Election Result Cements Future Sales Tax Hike

by Mary Swire, Tax-News.com, Hong Kong

24 October 2017


Japan's proposed sales tax hike is expected to go ahead as planned in 2019 after a landslide win by incumbent Prime Minister Shinzo Abe.

The snap elections held on October 22 saw Abe's Liberal Democratic Party (LDP) win 284 seats in the lower house of parliament and its coalition partner Komeito win a further 29, securing a two-thirds' majority and a further three years in power.

Abe has confirmed that the Government still plans to increase the consumption tax from eight percent to 10 percent by October 2019, with a delay only a remote possibility if there is a major shock to the economy.

Earlier this month, Chief Cabinet Secretary Yoshihide Suga of the LDP had warned that the Government could delay the increase if the economy continued to worsen.

Speaking at a news conference on October 6, Suga warned that economic conditions would have to be considered before implementing the two percent hike. He said the Government would consider employment rates, currency exchange rates, and the general state of the economy.

TAGS: tax | value added tax (VAT) | sales tax | education | currency | Japan

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