General-account spending to total ¥114 trillion in FY 2023
16:32 JST, December 19, 2022
TOKYO (Jiji Press) — The government is considering calling for about ¥114 trillion in general-account spending under its budget for fiscal 2023, which starts in April next year, it was learned Monday.
The amount of general-account expenditures is thus likely to hit a record high for the 11th straight year and surpass ¥100 trillion for the fifth straight year, after coming to ¥107.5964 trillion in the fiscal 2022 initial budget.
The increase reflects higher spending to boost the country’s defense capabilities and ballooning social security costs due to the aging population.
The government is expected to adopt its fiscal 2023 budget plan at a cabinet meeting as early as Friday.
In the coming fiscal year, the government expects its tax revenue to hit a record high of around ¥70 trillion, up from ¥65.235 trillion projected for fiscal 2022. It anticipates an increase in corporate tax revenue thanks to the resumption of economic activities after COVID-19 restrictions and the yen’s depreciation that inflates earnings from overseas operations when converted into the Japanese currency.
"Politics" POPULAR ARTICLE
-
Japan Ministry Concerned Over Same-Sex Couple Receiving City-Issued Resident Certificates Referring to ‘Common-Law Husband’
-
Japan Govt Predicts China’s Forces Could Land on Taiwan Within 1 Week of Enforcing Blockade; Drills Conducted in 2023 Analyzed
-
Tokyo Governor Yuriko Koike Wins Third Straight Term; Voters Respond to Achievements in Child Care, Education
-
Incumbent Tokyo Governor Leads as Election Day Approaches; 20% of Survey Respondents Still Undecided
-
Japan, U.S. to Compile Joint Document on Extended Deterrence; Foreign, Defense Ministers to Hold Talks
JN ACCESS RANKING
- Aviation Fuel Shortage Causes Problems at Regional Airports; Growing Demand, Lack of Workers to Transport
- Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
- Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
- Japan Ministry Concerned Over Same-Sex Couple Receiving City-Issued Resident Certificates Referring to ‘Common-Law Husband’
- Japan Court OKs Sex Change without Surgery