Tax Rise tagged posts

Tax Hikes Reason for Japanese Election Loss

July 12, 2010 Taxation in Japan

Korea-Japan summit talks in Toronto, CanadaJapan’s ruling political party has suffered a major setback in its plan to instate tax hikes, after experiencing a defeat at the national Upper House elections.

According to media exit-polls, the Democratic Party of Japan (DPJ) has won fewer than 50 seats of the contested 121 seats in the Upper House Government elections, held on June 11th. The result has been attributed to the party’s proposal of doubling the national sales tax rate to a level of 10 percent. The DPJ previously stated that it was aiming at attaining at least 54 seats. Official election results, scheduled for release by June 13th, are expected to confirm that the DPJ will hold a maximum of 110 seats of the total 242 Upper House seats.

Naoto Kan, Prime Minister of Japan and DPJ leader, has stated that he intends to stay ...

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