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On 10 August 2012, Japan's Diet passed a bill that includes measures to increase the rate of the consumption tax.
The increase of the consumption tax rate will be phased in over the following period:
In light of the increase of the consumption tax rate, the consumption tax payable (subtracting consumption tax paid from consumption tax received) will be increased. Therefore, it is advisable for companies who are applying the consumption tax included bookkeeping method to shift into consumption tax excluded bookkeeping method in order to find out how much the tax will be payable. By doing this, the company can forecast how much it should prepare the cash to pay when the tax is due.
