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Abe orders reduced tax rates before the planned 2017 tax hike

FXStreet (Mumbai) - As reported by the Japan Times, Japan’s Prime Minister Shinzo Abe has ordered the ruling party’s new tax panel chief to introduce special reduced tax rates for certain products such as foods and beverages in time for the planned April 2017 consumption tax hike.

Chief Cabinet Secretary Yoshihide Suga told on Wednesday, “The prime minister gave Miyazawa instructions to create a concrete plan in time for the introduction of the (consumption tax hike).”

Abe’s government has already postponed the planned tax hike to 10%, from the current 8%, to April 2017. It had originally been scheduled for this month.

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