Tokyo, Aug. 3 (Jiji Press)–Japan’s ruling Liberal Democratic Party on Monday virtually approved Prime Minister Sanae Takaichi’s plan to lower the consumption tax rate on food from 8 pct to 1 pct for two years from next April. The LDP’s tax system and social security system research commissions held a joint meeting and decided to leave the matter to the chair of the tax system research commission, Itsunori Onodera, after participants expressed pros and cons. “We will implement the consumption tax cut by fully overcoming the challenges that surfaced during the discussions,” Onodera told reporters after the meeting. Last week, Takaichi officially announced the tax cut plan, which would reduce the food tax rate to virtually zero by providing income-linked benefits equivalent to tax revenue from a 1 pct tax rate. The LDP leadership plans to complete related intraparty procedures after securing approval at a meeting of the party’s general council on Wednesday. END [Copyright The Jiji Press, Ltd.]
LDP Virtually Approves Consumption Tax Cut on Food
Related Posts
Seismic Activity Persists along Kumamoto’s Hinagu Fault Zone
Tokyo, Aug. 3 (Jiji Press)–Seismic activity along the Hinagu fault zone remains elevated a week after a powerful earthquake hit Kumamoto Prefecture, southwestern Japan, leading the Meteorological Agency to warn of possible strong shaking and tsunami waves. Five quakes measuring lower 5
Japan Mulls EPA with Ecuador
Tokyo, Aug. 3 (Jiji Press)–The Japanese government is considering concluding an economic partnership agreement with Ecuador, officials said Monday. Japan expects an EPA with Ecuador, rich in crude oil and natural gas, to help strengthen supply chains as the war in the
