Japan’s sales tax to rise

Prime Minister adopts an approach to control country’s growing debts
Japan’s sales tax to rise

With Japan’s Prime Minister intent to control the country’s growing debts, has increased sales tax, reports say. Accordingly, sales tax is set to increase on April 1, 2014 from 5 percent to 8 percent, with two percentage points added in October 2015.

The initial sales tax increase is expected to raise $82 billion in the first year and the second increase is subject to review. The nation's debt stands at about $10 trillion, reports suggest.

In a move to also attract investment and tax breaks for corporations that hire and expand, the prime minister has laid out incentives of $61 billion so-called government stimulus package, reports suggest.


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