Japan Ruling Party Firms Tax Stand as Opposition Fight Looms
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Japan’s ruling party agreed on a plan to double the sales tax by 2015 after weeks of internal debate and a member revolt as Prime Minister Yoshihiko Noda fights to head off another credit-rating downgrade.
The proposal would raise the sales tax from 5 percent to 8 percent in April 2014 and to 10 percent in October 2015. A panel headed by Finance Minister Jun Azumi approved the measures today, clearing them for discussion with an opposition led by the Liberal Democratic Party, which has already hinted at its disapproval.