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Kyodo-Gov't Could Push Back Defence Spending Tax Hike To 2025

JAPAN

Kyodo News reports that the Japanese gov't is looking at the prospect of putting off a tax increase to fund a major increase in defence spending to 2025, instead of the previous plan of the hike coming in 2024.

  • Amid a general heightening of regional geopolitical tensions, PM Fumio Kishida has committed to significantly increasing Japan's defence spending to equate to 2% of GDP by 2027, matching the floor set for NATO member states.
  • In December 2022, Reuters reportedthat according to Yoichi Miyazawa, chief of Kishida's Liberal Democratic Party's tax panel, "the tax hikes will kick in "at an appropriate time" in fiscal year 2024 or thereafter, he said, stopping short of committing to exactly when to implement the tax hike or suggesting a possible delay."
  • With rumours of a snap general election continuing to swirl, the significant unpopularity of the tax increase to fund defence spending (standing at 80% in May) may have forced the gov'ts hand in delaying the implementation until after any election (due by Oct 2025 at the latest).
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