07 June 2016 Japan postpones consumption tax increase At a press conference held on June 1, Japan's Prime Minister announced a second postponement of the consumption tax rate increase to 10% that had been slated for April 1, 2017. Consumption tax rate increases were originally scheduled in two stages, the first to 8% on April 1, 2014 and then to 10% on October 1, 2015, with a caveat articulated in the "economic resiliency" clause in the Act for Partial Amendment of the Consumption Tax Act and for the Drastic Reform of the Taxation System for Ensuring Stable Financial Resources for Social Security (the Act) promulgated on August 22, 2012 (Act No. 68, 2012). The first increase to 8% was duly implemented on April 1, 2014, in accordance with the Act. Document ID: 2016-0985 |
