16 Mar 2016
Japan’s Aso - sales tax planned to increase in 2017
Japanese finance minister Aso, while speaking in Parliament, said sales tax is planned to increase in 2017 unless unusual events.
Markets fear a sales tax hike would push Japanese economy back into recession as it did when tax was raised. Japan was supposed to have increased the consumption tax to 10% from 8% last October, but it was delayed by PM Abe, who felt the economy would not be able to withstand a tax hike.
Earlier today, Nobel-prize winner Joseph Stiglitz urged Japanese Prime Minister Shinzo Abe not to raise tax since it would be a wrong thing to do given the weak global economy.
Markets fear a sales tax hike would push Japanese economy back into recession as it did when tax was raised. Japan was supposed to have increased the consumption tax to 10% from 8% last October, but it was delayed by PM Abe, who felt the economy would not be able to withstand a tax hike.
Earlier today, Nobel-prize winner Joseph Stiglitz urged Japanese Prime Minister Shinzo Abe not to raise tax since it would be a wrong thing to do given the weak global economy.