• Kyodo News

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The consumption tax should be raised from the current 5 percent to about 17 percent by fiscal 2025 to help finance social security costs, the Japan Business Federation (Nippon Keidanren) said Monday.

Through the tax hike, the government should finance the basic pension entirely from tax revenues and enhance social security services in such areas as medical and nursing care, as well as child rearing, the nation’s most powerful business lobby said.

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