Ruling Party Panels Begin Discussions on Tax Measures
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Tokyo, Nov. 21 (Jiji Press)--The tax panels of Japan's ruling parties held general meetings Wednesday to begin discussions on tax measures mainly to reduce the impact of a consumption tax hike slated for October 2019.
Key issues to be discussed at the panels of the Liberal Democratic Party and Komeito include assistance to home and vehicle buyers and financial resources to introduce a special lower consumption tax rate mainly for food.
The two parties are expected to draw up their tax system reform guidelines for fiscal 2019 as early as Dec. 12.
Japan plans to raise the consumption tax to 10 pct from the current 8 pct. Food and some other items are exceptions, with the rate to be fixed at 8 pct.
"The important things are to raise the consumption tax to 10 pct and introduce the special rate," said Yoichi Miyazawa, chairman of the LDP's Tax System Research Commission.
[Copyright The Jiji Press, Ltd.]