JAPANESE TAX REFORMS AHEAD?
24 Jan, 2012
The prime minister of Japan is set to push for reforms to the country’s tax system in a bid to aid the fight against its debt problem.
Yoshihiko Noda has called for the doubling of the sales tax to 10% by 2015.
The unpopular and controversial move comes as the growth forecast was downgraded by the central bank, with Mr Noda stating that Japan could not continue delaying efforts to tackle the debt problem. He has also confirmed that his intention is to have submitted his bills into parliament by March this year.
According to the BBC, Noda said: “The current system, if unchanged, will put an unbearable burden on future generations. We don’t have time left to postpone reforms.”