From April 1, 2014 to September 30, 2015, the rate of Japanese consumption tax will be increased from the current 5% rate to a higher 8% rate. The government is also considering a further increase from 8% to 10% from October 1, 2015. Also under discussion are transitional measures which will be introduced to apply the current 5% rate to certain transactions after April 1, 2014. The increase in the consumption tax rate should help to boost economic growth and generate significant revenue.
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