Japan to confirm Consumption Tax Hike in 2011 |
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30 November 2011 Click here for 21 December 2011 update on Japan VAT The new Japanese premier is planning to confirm the size and timing of a Consumption Tax rise before the end of this year. Japanese Consumption tax is currently 5%, one of the lowest rates in the industrialised world. A tax rise has been expected for any years, primarily to meet the costs of spiralling pension liabilities. But also to rebalance the tax take away from business taxes onto consumers. It is expected that the rate will rise to up to 10% within five years.
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