168
Share
Facebook Twitter Google LinkedIn Email

Japanese Prime Minister says he hopes to implement a long-delayed consumption tax increase as planned, unless a financial crisis occurs

Japanese Prime Minister Shinzo Abe says he hopes to implement a long-delayed consumption tax increase as planned, unless a financial crisis occurs on the scale of the Lehman Brothers collapse in 2008.

Japan is scheduled to raise its consumption tax to 10 percent from the current 8 percent in October of 2019. Abe decided last year to postpone the hike, initially scheduled for April of this year.

Abe noted in a television interview on Tuesday that Japan’s nominal gross domestic product grew by 3 percent in this year’s April-to-June quarter. He said consumption is also gradually recovering.

The prime minister also said he believes current circumstances can produce favorable economic conditions for a consumption tax hike in 2019.

Abe said the government needs the additional tax revenue to implement its policies.

Source: NHK
Image: Bank Image
In this article

Other News


Join the Conversation