Abe Sees No Consumption Tax Hike above 10 Pct
Tokyo, July 3 (Jiji Press)--Japanese Prime Minister Shinzo Abe said Wednesday that he has no plans to increase the consumption tax above 10 pct.
"The Abe administration is not considering (a further increase) at all," after raising the consumption tax from 8 pct to 10 pct in October as planned, Abe said at a debate session with political party leaders.
Japan's general-account tax revenue hit a record high in fiscal 2018, which ended in March, thanks chiefly to effects from the Abenomics economic policy, the prime minister said.
The country will need no additional consumption tax increase for some 10 years, said Abe, also president of the ruling Liberal Democratic Party.
Opposition party leaders, including Constitutional Democratic Party of Japan chief Yukio Edano, expressed opposition to the consumption tax increase to 10 pct.
[Copyright The Jiji Press, Ltd.]