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LDP Amari negative on tax hike over 10 pct

Tokyo, Oct. 2 (Jiji Press)–Japanese ruling party tax chief Akira Amari on Wednesday took a negative view on raising the consumption tax further, after the rate was hiked to 10 pct from 8 pct on Tuesday.

 

“We’ve been focusing our energy on the equalization” of demand before and after the latest tax hike, Amari, chairman of the Liberal Democratic Party’s Research Commission on the Tax System, said in an interview with media organizations including Jiji Press.

 

Asked about any additional hike above 10 pct, Amari said, “We’ll improve budgetary efficiency and conduct sweeping administrative reform before resorting to an easy way to increase tax revenue.”

 

“We’ll continue efforts so that we can manage things within the (consumption tax) framework of 10 pct,” Amari said.

 

Meanwhile, Amari expressed his eagerness to hold discussions at the party tax panel on spurring the shift from savings to investment.

 

“The shift from savings to investment has been slow among both companies and households,” he said.

 

Internal reserves at Japanese firms totaled a record high of some 463 trillion yen at the end of March this year, according to government data.

 

Amari said there were “several options” to promote investment for supporting innovation and boosting the Japanese economy’s potential.

 

The LDP tax chief also said he aims to make “good proposals” about international taxation on technology giants including Facebook Inc. and Apple Inc.

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