IMF says raise sales levy to 15%


13/06/2012 08:21 AST  The Japan Times

The government is trying to double the 5 percent consumption tax by 2015, but the nation needs to do more to improve its fiscal health, the International Monetary Fund said Tuesday, indicating the tax should be raised to "at least 15 percent."

The IMF also said in a concluding statement after its annual consultation mission to Japan that the Bank of Japan could further ease monetary policy to boost growth by beating chronic deflation, underscoring that the central bank's 1 percent inflation goal will be reached "only by 2017."

"Japan's fiscal problems are deep-rooted," the multilateral lender said, noting the government's effort to enact legislation to raise the politically sensitive consumption tax to 10 percent in stages by October 2015 is "crucial to demonstrate a commitment to fiscal reform."

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