Cabinet approves outline of two-year consumption tax reduction for food products
The plan will form the basis of related bills set to be submitted to the autumn session of parliament to reduce the consumption tax from 8% to 1%.
Prime Minister Sanae Takaichi’s Cabinet on Tuesday approved an outline of a system to reduce the consumption tax on food products from 8% to 1% for a two-year period beginning next April.The plan, which calls for making up lost revenue from the tax cut through a review in government spending and revenue and not relying on deficit bonds, forms the basis of related bills expected to be submitted to the autumn session of parliament.The consumption tax is to be reduced from 8% to 1% for two years beginning next April. After that, from April 2029, the government aims to introduce new benefits for low- and middle-income households.
Source: Japan Times
Related stories
AI can supercharge Putin’s goals, not his great-power ambitions
For now, though, Russia's AI capabilities are likely sufficient for the state's needs.
Drop in Chinese visitors drives decline in Japan’s inbound tourism in August
Japan received 3.1 million foreign visitors in August, down 9.6% from last year, according to estimates from the Japan National Tourism Organization.
Over 60% of Japanese firms with foreign workers would struggle without overseas hiring: survey
In nursing and healthcare, 93.8% of employers said not hiring more foreign workers would cause problems.
Trump has few good options to slow China’s rise as AI superpower
The main challenge for the U.S. is keeping China at bay without prompting Beijing to further restrict rare earths.