Arab Today, arab today japan cabinet approves consumption tax spike
Last Updated : GMT 08:44:49
Arab Today, arab today
Arab Today, arab today

Japan cabinet approves consumption tax spike

Arab Today, arab today

Arab Today, arab today Japan cabinet approves consumption tax spike

Tokyo - SPA

Japanese Prime Minister Yoshihiko Noda\'s cabinet approved a bill Friday to double the nation\'s consumption tax by 2015 in a move that could put Noda\'s job in jeopardy, given the strong opposition to it among his own party members and the public, dpa reported. The bill would raise the current 5-per-cent sales tax in two stages: to 8 per cent in April 2014 and to 10 per cent in October 2015. The hike is an initiative by Noda aimed at whittling away at Japan\'s budget deficit - which, at nearly 200 per cent of its gross domestic product, is the largest in the world - and covering social security costs in ageing Japan. He was expected to have a hard time getting it passed in the Diet. It was also expected to bring him trouble within the ruling coalition.

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