Lawmakers from Japan’s ruling coalition say the government will give tax breaks to car buyers to offset a sales tax hike planned for next year, amid the looming threat of steep tariffs on Japanese auto exports to the United States. In its annual tax code revisions, the ruling bloc also…
Lawmakers from Japan’s ruling coalition say the government will give tax breaks to car buyers to offset a sales tax hike planned for next year, amid the looming threat of steep tariffs on Japanese auto exports to the United States.
In its annual tax code revisions, the ruling bloc also approved tax cuts on housing mortgages, out of fear an increase in the sales tax from 8 percent to 10 percent in October 2019 could cause sales of big-ticket items to slump.
“We decided to take considerable steps to level off the impact on cars and housing – two main pillars of consumption – from the planned sales tax hike,” Yoichi Miyazawa, tax panel head of the ruling Liberal Democratic Party, told reporters.
