Takaichi to Vow to Submit Consumption Tax Cut Bills Early

Tokyo, Feb. 17 (Jiji Press)--Japanese Prime Minister Sanae Takaichi will pledge in her upcoming policy speech to accelerate efforts to submit bills to revise tax-related legislation, aiming to cut consumption tax on food to zero for two years, it was learned Tuesday.

In the speech she will deliver to outline the government's overall direction on Friday at a special session of the Diet, Japan's parliament, Takaichi will announce plans to compile an interim report on the proposed tax cut before summer and "expedite the submission of bills related to tax reform," according to a draft of the speech.

The prime minister will also vow to "press growth switches" and introduce a mechanism to manage growth sectors in multiyear and separate budgets.

The special Diet session will be convened on Wednesday for a 150-day run until July 17.

A national council, which includes ruling and opposition party members as well as experts, will accelerate deliberations on the schedule and financial resources for the consumption tax cut. Japan's consumption tax currently stands at 10 pct, excluding food and some other items for which the tax rate is 8 pct.

[Copyright The Jiji Press, Ltd.]