Consumption Tax Rises To 10% In Japan

Consumption tax rises to 10% in Japan

Japan's consumption tax went up on Tuesday, from eight to 10 percent . The government says the hike was necessary to help cover ballooning social security costs and to pay down Japan's huge public debt.

Customers at convenience stores were among the first people who had to pay the higher tax rate when the clock hit midnight.

Abe: Govt. To Deal With Tax Hike Impact

Abe: Govt. to deal with tax hike impact

Japanese Prime Minister Shinzo Abe says the government will do its utmost to deal with the impact of the consumption tax hike to 10 percent taking effect on Tuesday.

The prime minister said that the latest tax hike will pay for free preschool education and childcare.

Japan Consumption Tax Rises To 10%

Japan consumption tax rises to 10%

In Japan, the consumption tax rose from 8 to 10 percent on Tuesday. The government says the increase was needed to help cover ballooning social security costs and pay down massive public debt.

Shoppers rushed to make purchases during the weekend prior to the increase on October 1. Many bought luxury goods and stocked up on household items.

Japan Readies For Consumption Tax Hike

Japan readies for consumption tax hike

Companies in Japan are busy making last-minute preparations for a consumption tax hike that is set to go into effect on a variety of goods on October 1.

Consumption tax rates will go from 8 to 10 percent on Tuesday. The government says the increase is needed to help cover ballooning social security costs and pay down massive public debt.

Shoppers Stock Up Ahead Of Tax Hike

Shoppers stock up ahead of tax hike

Shoppers in Japan are rushing to stock up on items two days before the consumption tax is raised to 10 percent.

Many people are buying luxury products and extra quantities of daily goods while the rate is still 8 percent.

Retailers Rush To Adapt Before Tax Hike

Retailers rush to adapt before tax hike

Small retailers in Japan are scrambling to replace their cash registers, in the lead-up to a hike in the consumption tax.

Stores will need models that can handle two different tax rates to be introduced from October 1. Shoppers will be charged 8 percent for food and non-alcoholic beverages and 10 percent for other items. Large retailers like convenience stores don't need to make the switch, as they do their transactions online. But many small businesses have to adapt.

Tax Revenue Hits Record High Of \60.4 Tril.

Tax revenue hits record high of \60.4 tril.

Japan's tax revenue for the fiscal year that ended in March hit an all-time high of over 560 billion dollars.

The figure exceeded an earlier official estimate. Sources close to government say revenue broke the previous record posted in fiscal 1990 during the economic bubble.

Abe Aide Hints At Delay In Consumption Tax Hike

Abe aide hints at delay in consumption tax hike

A close aide to Japan's Prime Minister Shinzo Abe has hinted at the possibility of delaying a consumption tax hike scheduled for October.

The government is preparing to increase the tax from 8 to 10 percent on October 1, but comments by the Liberal Democratic Party's Acting Secretary General, Koichi Hagiuda, have cast doubt on that plan.

Cryptocurrency Brokerage Firm Pays Back Tax

Cryptocurrency brokerage firm pays back tax

Sources say an unregistered cryptocurrency brokerage based in Tokyo has concealed revenue of more than 200 million yen or about 1.8 million dollars.

The firm receives requests via brokers for individuals who want to change their virtual currencies into cash.

Japan's Departure Tax Launched

Japan's departure tax launched

Japan has launched a departure tax for Japanese and foreigners leaving Japan, from January 7th.

The Japanese government will charge the new tax of 1,000 yen or about 9 dollars, to people leaving the country by air or sea. This is the first new national tax to be launched by Japan since a land value tax was introduced 27 years ago.

Fuel Tax Hike To Be Suspended

Fuel tax hike to be suspended

The French government has announced that it will suspend a fuel tax hike planned for January. The plan had sparked nationwide protests in recent weeks.

French Prime Minister Edouard Philippe made a televised speech on Tuesday.

Abe Suggests 5% Tax Refund For Cashless Payments

Abe suggests 5% tax refund for cashless payments

Japan's Prime Minister Shinzo Abe has proposed that shoppers who use cashless payments would receive a 5-percent refund in the form of points after the consumption tax is raised next October.

Abe put forward the idea on Thursday, as part of the government's efforts to prevent the planned tax increase from putting a damper on consumer spending. The consumption tax is scheduled to go up to 10 percent from the current 8 percent in October next year.

Japan's Tax Agency Locates Offshore Bank Accounts

Japan's tax agency locates offshore bank accounts

Japan's National Tax Agency has obtained information on more than half a million accounts at financial institutions overseas held by Japanese citizens and companies.

This comes amid heightened public interest in how the wealthy use offshore havens to evade paying taxes at home. The Japanese agency will analyze the data to crack down on tax evasion.

Abe: Govt. Will Fully Prepare For Tax Hike

Abe: Govt. will fully prepare for tax hike

Prime Minister Shinzo Abe says the government will be fully prepared for the upcoming consumption tax increase so as not to have a repeat of the decline in spending that followed the previous tax hike 4 years ago.

Abe made it clear on Monday that Japan's consumption tax will go up from the current 8 percent to 10 percent as planned in October 2019.