TOKYO - Senior officials of Japan’s ruling Liberal Democratic Party’s tax panel agreed on Wednesday to raise corporate and tobacco taxes and an income tax designed for disaster reconstruction to fund the defence budget, the tax panel head said.
“We confirmed the direction” of intra-party debate on tax hikes, tax chief Yoichi Miyazawa told reporters of the planned increases after a meeting of senior tax officials. Opinions within the LDP were split on politically unpopular tax hikes to help finance a plan to double the ratio of defence spendingwithin five years to cope with assertive China, unpredictable North Korea, and Russia.
Saddled with the industrial world’s heaviest public debt burden, however, Japan’s government is struggling to scrape together funding sources to earmark defence spending of 43 trillion yen over the next five years. Prime Minister Fumio Kishida has vowed to secure some 1 trillion yen in the fiscal year that ends in March 2028 by raising taxes, and what taxes would be targeted remained as question.
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