Government to submit bill on food consumption tax reduction to parliament

The government was expected to submit the food consumption tax reduction bill to parliament Friday, setting the stage for intense discussions next week over its merits and risks to the economy, and whether other measures would be more beneficial to both.Prime Minister Sanae Takaichi’s government plans to reduce the food and nonalcoholic beverage consumption tax, its signature policy, from 8% to 1% from April before returning it to 8% in 2029 when a new income-linked…