Wednesday, April 2, 2014

Japan raises sales tax for first time in 17 years




Japan's consumption tax has risen to 8 percent from 5 percent, the first increase in 17 years.Many retailers and vending machines began charging higher prices from midnight on Tuesday.
People felt the raise of tax at tuesday morning when the train service charges were up.Rail operators reprogramed ticket vending machines during the mid-night. New prices took effect from the first service on Tuesday.
The government estimates that the sales tax will bring in about 5 trillion yen, or about 49 billion dollars, in fiscal 2014. That figure is expected to reach about 8 trillion yen, or about 78 billion dollars, in fiscal 2015.
Comment below,how you felt about the raise of consumption tax in Japan.



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