Consumption Tax Raised to 10%

Consumption tax rate was raised to 10 percent from 8 percent on Tuesday, after twice being delayed, as the government is struggling to cover ballooning social security costs stemming from the country’s aging population and falling birthrate.

Prime Minister Shinzo Abe told reporters at his office the latest consumption tax hike is a “big step forward” in pushing ahead with social security reforms. “We will closely monitor the effect of the consumption tax increase and take all possible measures” to alleviate any negative impact.


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