TOKYO: Japan rolled out a twice-delayed increase in the sales tax to 10 per cent from 8 per cent on Tuesday , a move that is seen as critical for fixing the country's tattered finances but that could tip the economy into recession by dampening consumer sentiment.
"I was a bit worried whether I can buy this at 8% tax rate, but now I'm relieved that I made it," a 45-year-old woman told public broadcaster NHK after buying a 70,000-yen bed at a department store in Tokyo. The bitter memory led Prime Minister Shinzo Abe to twice delay the increase to 10 per cent until Oct. 1. But the higher tax rate will still hit an economy suffering from slowing global demand and bitter trade tensions.The government and central bank policymakers expect the impact from the 2 percentage-point tax hike to be much smaller than that of the previous increase.
The government has also set aside 2 trillion yen for discounts and shopping vouchers as well as public works spending. Another 300 billion yen will be spent on tax breaks for housing and car purchases.Channel NewsAsia - Sentifi topic widget
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