Japan 8% reduced Consumption Tax rate
- Jan 23, 2019 | Richard Asquith
Japan is scheduled to complete a two-stage doubling of its Consumption Tax rate to 10% on 1 October 2019. The first part of the rise, from 5% to today’s 8% was enacted on 1 April 2014.
The Ministry of Finance has now confirmed in the 2019 budget that the rise will be accompanied by the introduction of a 8% reduced Consumption Tax rate. This will be applied to basic foodstuffs. To further help the less well off in society there will be other welfare payment increases.