Japan Moving Forward as Planned on Consumption Tax Increase

Japan's Prime Minister Shinzo Abe announced on 15 October 2018 that the government will move forward with the increase in the consumption tax rate from 1 October 2019. According to Abe, the rate will be increased from 8% to 10% as planned and the government will take measures to avoid a repeat of the negative economic impact that resulted from the prior increase from 5% to 8% in 2014. The increase to 8% was to be followed by an increase to 10% in 2015 but was subsequently delayed to April 201…