Japan’s Prime Minister Yoshihiko Noda said revamping the country’s tax and social welfare system is his top legislative priority of the year as he struggles to overcome opposition to doubling the sales tax by 2015.
“Our biggest hurdle is the unified reform of social security and taxes,” Noda said in Tokyo at his first press conference of the year. “This is something we can no longer postpone.”
Noda’s Democratic Party of Japan last week proposed raising the 5 percent consumption tax to 8 percent in April 2014 and 10 percent in October 2015 to help pay for soaring welfare costs as the population ages. Nine DPJ lawmakers left the party in revolt and the main opposition Liberal Democratic Party called for an election before considering legislation on the issue.
Read the rest of the story: Noda Says ‘Biggest Hurdle’ to Be Passing Social Welfare, Sales Tax Bills.