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Consumption tax increase to 10% ‘not enough’

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The House of Representatives election last autumn was won overwhelmingly by the ruling parties, which publicly pledged to increase the rate of the consumption tax — a stable source of funds for social security spending and fiscal health — to 10 percent in October 2019. However, there is a strong view that 10 percent will not be enough as Japan’s population continues to age. In the draft budget for fiscal 2018, one-third of all revenue depends on government bonds. Kenji Yumoto, vice chairman of the Japan Research Institute, spoke about the future of the nation’s finances........

© The Japan News