Japan Raises Taxes to Fund Record US$8 Billion Military Build-Up
Japan has begun increasing tobacco and corporate taxes, with an income tax hike planned for 2027, to finance a record US$8 billion annual boost in defense spending.
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Japan begins tax increases to bankroll record US$8 billion military build-up
Japan on Wednesday raised tobacco and corporate taxes to finance a boost in defence spending, with income tax hike set to follow in 2027 as the government projects the tax increases will add some 1.3 trillion yen (US$8 billion) annually in revenue. As the security environment surrounding Japan deteriorates and the government is set to further strengthen the country’s defence capabilities, the public is likely to face further tax burdens to finance the outlays, which have now ballooned to a...
By Kyodo
Read full article →Japan raises tobacco, corporate taxes to finance boost in defence spending - The Straits Times
Japan raises tobacco, corporate taxes to finance boost in defence spending The Straits Times
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