An advisory panel to the prime minister on Friday called for a radical overhaul of the tax system that would potentially involve tax hikes in order to tackle problems related to the aging population and get rid of the government's debt.
In the recommended medium-term policy package, the Tax Commission indirectly suggested that the 5 percent consumption tax be raised in the future to avoid passing the current generation's tax burden on to future generations.
Gist of Tax Commission report
The following are the main points of the Tax Commission's report on the medium-term tax policy, which was submitted to Prime Minister Yoshiro Mori on Friday:
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