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Japan's upper house approves legislation of tax hike bills
Last Updated(Beijing Time):2012-08-10 16:41

Japan's upper house on Friday approved legislation to double the nation's sales tax rate, which was Prime Minister Yoshihiko Noda's signature policy goal.

Noda has won cooperation from the main opposition Liberal Democratic Party and the New Komeito party collecting enough 188 approving votes versus 49 vetoes for passage of the hike, first time in 18 years for Japan to enact legislation to raise its sales tax rate.

The legislation would double the nation's tax rate to 10 percent in two stages by 2015 to cope with the nation's swelling social security costs.

In exchange for the main opposition parties' cooperation, Noda has agreed with the two parties' leaders on Wednesday to dissolve the lower house for a general election soon after the passage of the bills.

Source:Xinhua 
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