The government will aim to specify when and by how much the 5 percent consumption levy will be hiked in the social security and tax reform plan it hopes to present by year's end, Finance Minister Jun Azumi said Tuesday.
"We want to lay down the rate of the tax hike and when it will take effect. Obviously it is important for us to reveal which year and at what point" the consumption tax will go up, Azumi told reporters.
During a discussion of social security and the tax system by Cabinet ministers and ruling party executives Monday night, Prime Minister Yoshihiko Noda formally ordered those present to wrap up the talks within this year and map out the details of the tax increase.