Japan Consumption Tax rise delay till 2019
- May 30, 2016 | Richard Asquith
Close advisors to premier Shinzo Abe indicated this weekend that the planed April 2017 rise in Japanese Consumption Tax from 8% to 10% will be postponed until 2019.
Continuing weak consumer demand, and a slowing Chinese market, had put the rise in doubt for a year. It was part of a two-part planned rise, the first, from 5% to 8% in October 2014, had led to a sharp contraction in the world’s third largest economy.
Any formal confirmation will come mid this week, and will include further structural reforms and a new budget to rekindle to economy.
The rise in Consumption Tax has been long planned, and is principally required to meet the long-term social costs of a rapidly ageing population.
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