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Japan Could Delay Planned Tax Hike To Finance Increased Defence Spending

JAPAN

Jiji reports that a special panel appointed by the ruling Liberal Democratic Party is looking to recommend that the government starts raising taxes to finance higher defence spending "no earlier than in 2025" rather than at "an appropriate time in or after 2024" under the current plan.

  • The committee reportedly drafted a request to the government to secure non-tax revenues which would allow for postponing the tax hikes. Specifically, should stronger economic growth and other factors boost tax revenues and leave some parts of the budget unused.
  • The ruling party had earlier refrained from implementing the planned tax hikes for defence already in FY2023 after their initial announcement provoked rare open dissent from several Cabinet ministers, while most respondents in opinion polls expressed negative sentiment towards the proposal.
  • Jiji reports that the party committee left the handling of the proposal up to its chairman and LDP Policy Research Council head Koichi Hagiuda.
HomepagePolitical RiskBank of Japan (BOJ) Market NewsPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
HomepagePolitical RiskBank of Japan (BOJ) Market NewsPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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