Japan Discusses Potential Sales Tax Raise

A Japanese government panel met last week and determined that the country needs to double its sales tax in stages over the next four years in order to fund rising social security costs, according to Reuters.

It has yet to be determined whether or not this will be put into place due to the impending resignation of Prime Minister Naoto Kan.

If the plans are to move forward, the government will have to sunlit legislation by next year to start increasing the 5 percent sales tax. A net cost of about $33.4 billion needs to be covered in the fiscal year to March 2016 for social security changes.

Read the full story here.

Read more on:

Suggested Articles:

Besides hitting the spa and the hot tubs, here are nine ways all ages can have fun in the snow off the slopes—and save some bucks. Check it out.

Using HomeBased Connect, home-based travel advisors will have access to a reservation team that is specific to them. More here.

The CTO will aim to offer better marketing, more research as it pertains to tourism and increased product development for its member countries.