Japan vows to raise sales tax as record budget passes parliament GlobeBusiness
Japanese policymakers vowed on Wednesday to raise the sales tax to 10 per cent as planned in October, following the passage in parliament of the budget bill for the next fiscal year beginning next month.
Proceeding with the politically unpopular hike could be risky as Abe’s ruling party faces national elections for the upper house in the summer, some analysts say.“As I have said before, the sales tax will rise to 10 per cent in October as stipulated by the law, unless an incident on the scale of the Lehman shock occurs,” Chief Cabinet Secretary Yoshihide Suga told reporters.
The general-account budget for the fiscal 2019 features increased spending on welfare, public works and defense on top of steps worth 2 trillion yen to ease the pain of the sales tax hike from the current 8 per cent. The spending plan underscores Abe’s willingness to avoid a repeat of the economic downturn that followed the last sales tax increase in April 2014.
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