Guidance for Japan Consumption Tax Hike Legislation in both 2014 and 2015

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1. About the overview of Japan consumption tax hike legislation

 The Diet has enacted legislation "Comprehensive Reforms to the Social Security and Tax Systems."
 These tax reforms include the proposal for increasing the tax rate for Japan Consumption Tax (JCT).

  - The consumption tax hike legislation will raise the current tax rate of 5 percent JCT to 8 percent in April 2014, and to 10 percent in October 2015
  - Details of the revised legislation are yet to be finalized
  - The government is in the process of resolving all open issues and is expected to publish the final legislation to raise the JCT rate once open issues are closed