Dear MEL School’s Topic Readers,
Japanese
government to go ahead with sales tax rise.
Not so often a tax
rise is welcomed so positively.
Japanese
government finally announced a “Go” for the already agreed, registered and
scheduled sales tax increase six months later to eight percent from current five
per cent. The finally-made announcement, which has been waited for the past few
months, has made politicians, bureaucrats, businesses and even retailers and consumers
relieved from the concerns and uncertainty for the near and long-term future.
The tax is also scheduled to be raised to 10% 18 months after this increase.
Why such a steep
tax increase? Japan has a rapidly aging population which is pushing its social
welfare costs up to an unsustainable level. also, there are mounting government
debts that have already surpassed 200% of its gross domestic product (GDP).
Enjoy reading and learning
about this widely awaited sales tax increase announcement.
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