- DEFENSE & SECURITY
Japan to Signal Delay in Tax Hike for Defense Spending
13:18 JST, June 13, 2023
TOKYO (Jiji Press) — The government is coordinating with the ruling parties to signal in its upcoming basic economic and fiscal policy guidelines that it will delay until 2025 or later a planned tax hike to boost the country’s defense spending, it was learned on Monday.
The move comes after a task force of the ruling Liberal Democratic Party on Friday recommended Prime Minister Fumio Kishida to have the option of delaying the tax hike until 2025 or later.
The government had earlier indicated that it would carry out the tax hike at an appropriate time in 2024 or later.
For defense spending, the government plans to secure a total of about ¥43 trillion over the five years from fiscal 2023.
A draft of the basic economic and fiscal policy guidelines presented at a meeting of the Council on Economic and Fiscal Policy on Wednesday did not mention how to secure the funds.
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