Japan’s set to double VAT, 10% rate in 2015
29 June 2012
Salman Shaheen - ITR
Japan’s lower house has voted to double VAT, but rates are likely to continue to rise.
The Bill passed the lower house by an overwhelming majority and is set to clear the upper house in August, making the VAT rise all but inevitable.
The rate will increase to 8% from April 2014 and to 10% from October 2015.
Advisers believe that the increase is necessary in the long-term because of a $125 billion tax revenue...
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