Japan Govt to Outline Tax Cut Plan by June: Katayama

Tokyo, Feb. 13 (Jiji Press)–The Japanese government will come up with an outline of a consumption tax cut and a refundable tax credit by June, Finance Minister Satsuki Katayama said Friday. The administration of Prime Minister Sanae Takaichi plans to set up a suprapartisan national council to discuss cutting the consumption tax on food to zero for two years and introducing a refundable tax credit. Katayama told a press conference that the government needs to prepare schemes in time for the council to issue an interim report on the matter in June. The national council will discuss every detail of the tax relief measures, including when they will start and how they will be financed, she said. A revenue shortfall of some 5 trillion yen a year from the tax cut will be covered by a cutback on subsidies and preferential tax measures as well as nontax revenue, she said. END [Copyright The Jiji Press, Ltd.]