Tax & Accounting Blog

Japan Ratifies First Sales-Tax Increase Since 1997

Indirect Tax, ONESOURCE, Transaction Tax, VAT Tax Rates August 13, 2012

On august 9th Japan’s opposition-controlled upper house ratified Prime Minister Noda’s  bill to raise the country’s sales tax for the first time in 15 years. Under this legislation the current 5% rate will be increased to 10% by 2015. The lower house passed the bill in June. A clause in the bill allows for implementation to be canceled based on an assessment of economic conditions.