On the 5th, the government decided on a basic policy regarding the consumption tax reduction on food products, which includes reducing the consumption tax to 1% for two years from April next year.
The government and ruling parties will submit the necessary bills to an extraordinary Diet session expected to be held this fall, with the aim of passing them into law.
At an extraordinary cabinet meeting on the 5th, the government approved a basic policy that specifies how to proceed with future tax reductions and benefit measures.
The basic policy includes the goal of reducing the consumption tax on food products to virtually zero by setting the tax rate at 1% for two years starting April next year and providing a 1% equivalent to people with middle and low incomes.