Jiji Press TOKYO (Jiji Press) — Prime Minister Shinzo Abe said Wednesday that he has no plans to increase the consumption tax above 10 percent.
“The Abe administration is not considering [a further increase] at all,” after raising the consumption tax from 8 percent to 10 percent in October as planned, Abe said at a debate session with political party leaders.
Japan’s general-account tax revenue hit a record high in fiscal 2018, thanks chiefly to effects from the Abenomics economic policy, the prime minister said.
The country will need no additional consumption tax increase for about 10 years, said Abe, also president of the ruling Liberal Democratic Party.
Opposition party leaders, including Constitutional Democratic Party of Japan chief Yukio Edano, expressed opposition to the consumption tax increase to 10 percent.
Edano said necessary funding sources should be secured by increasing levies on companies and financial income.
The debate session was held at the Japan National Press Club in Tokyo, a day before the start of the campaign period for the July 21 election for the House of Councillors.