The Japanese economy is expected to grow a measly one per cent. Japan would therefore need all the private consumption demand that it could muster to prop up its economy.
That Abe had shown such fortitude despite the odds against his tax increase demonstrated his foresight that the consumption tax might have a salubrious effect after all on an economy that is only chugging charily forward, dented even further by slowing global demand. Introduced five years ago it was replaced with a 10 per cent sales tax on goods and a six per cent levy on services .
What is much admired about the GST is that it is an efficient system of taxation. Even our minister of finance once admitted it was so. It is efficient as it ropes in a larger segment of the consuming population into paying tax. Given generous tax exemptions, only two million, or six per cent of the population, pay any tax now.
The previous outcry over the GST was a result of public anger that more taxes were being collected amid poor governance.It has been tough on corruption and financial mismanagement.
Now it's damn if you do, damn if you don't. If the gov reimplement it, inflation will go up like when GST came to be. If the gov don't do it, we're screwed. Either way we're screwed. Thanks Harapan.
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