Prime Minister Shigeru Ishiba has announced that he will not be raising the sales tax during his three-year term as president of Japan’s ruling party. Instead, he plans to fund social security programs without increasing the current tax rate of 10%. As the newly elected chief of the Liberal Democratic Party and premier of Japan, Ishiba is focused on gaining support ahead of the upcoming general election on Oct. 27.
During a recent debate on NHK, Ishiba stated, “I’m not considering reducing the consumption tax. For the time being, I’m not considering raising it, either.” He also mentioned that he is not planning on implementing a one-off tax cut like his predecessor did to combat inflation and rising prices.
According to Ishiba, the government needs to carefully assess revenue from consumption tax, corporate tax, and income tax before making any decisions on tax cuts. Despite the challenges posed by inflation, Ishiba remains committed to finding ways to support households without resorting to immediate tax cuts.
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