Economic and Fiscal Policy Minister Akira Amari has signaled the government's readiness to draw up another economic stimulus package if the consumption tax is to be raised to 10 percent in October 2015 as planned.
It is important to make policy efforts to cover the expected slowdown and put the economy back on a path of strong growth by working out a supplementary budget similar to one compiled in preparation for the tax hike to 8 percent, Amari said on a television program Sunday.The government adopted a ¥5.5 trillion stimulus package in December ahead of the tax hike to 8 percent in April and plans to submit a fiscal 2013 extra budget to finance the package to the ordinary session of the Diet to be convened on Jan. 24.
The consumption tax will be raised to 8 percent from the current 5 percent in April in the first phase of a two-stage increase to 10 percent by October 2015 to help deal with surging social security costs in Japan's rapidly aging society.
The Japan News
The consumption tax will be raised to 8 percent from the current 5 percent in April in the first phase of a two-stage increase to 10 percent by October 2015 to help deal with surging social security costs in Japan's rapidly aging society.
The Japan News
