Japan will soon see an increase in the national sales tax rate, as a widespread consensus is reached on the immediate need for greater national tax revenues in order to address the government’s debt levels and restore international confidence in the country's economic future. On June 8th a new government panel headed by Prime Minister Naoto Kan held its first meeting to discuss potential fiscal reforms for Japan, with particular attention on the possibility of increases to the national sales tax rate. The ... Read More

The government of Japan is considering raising sales taxes by 3 percent, in order to raise funds for the country’s recovery efforts, and to avoid any substantial increases to the level of government debt. In the wake of the series of disasters to have hit Japan in recent months, the government is seeking new streams of revenue to plug budgetary gaps arising from the expense of rebuilding the country. The Cabinet Office has already estimated that the damages will total approximately JPY 25 ... Read More

In an effort to shore funds for the reconstruction of the disaster struck Japan, the government is considering cancelling the planned cuts to the national corporate tax rates. The government of Japan is indicating that it could drastically change its previously held plans for the economic development of the country. The economic strategies have been a long standing-block for Prime Minister Naoto Kan, and one of the central points of debate with the Liberal Democratic Party (LDP), the largest opposition party in ... Read More

Japan’s long running political stalemate over taxation issues is showing signs of progress, after the Liberal Democratic Party and the Democratic Party of Japan held talks regarding extensions for a number of soon to be expired tax breaks. On March 11th a meeting was held between leaders of Japan’s major political parties, the ruling Democratic Party of Japan (DPJ) and the opposition Liberal Democratic Party (LDP), to discuss a number of tax breaks that are set to expire at the end of March. ... Read More

The Prime Minister of Japan has clarified his position on future tax reforms, in an attempt to seek more support among leading opposition parties. Only days before a meeting of a Japanese government panel is scheduled to take place, further disagreement are arising between Japan's two most prominent political parties (Democratic Party of Japan and opposition Liberal Democratic Party) as they continue to clash over the future of the country's tax system. As it was informed the meeting, dedicated to discussing potential reforms ... Read More