Japan April 2017 for 10% Consumption Tax
The government has confirmed that Japanese Consumption Tax will rise from 8% to 10% on 1 April 2017. This latest date was announced in the 2015 Tax Plan.
The rise had originally been scheduled for 1 October 2015, but was delayed in November 2014. This postponement followed the economy slipping back into recession in 2014 after an initial rise in Consumption Tax from 5% to 8% on 1 April 2014.
The two-stage rise in Consumption Tax is part of the wholesale reform of the Japanese economy by premier Abe’s government. The rise in the tax has deemed necessary to help manage the fast rising social costs of an ageing population.