According to a report by Trend, Japanese authorities believe that increasing corporate taxes and tobacco consumption taxes are the main sources of funding for increasing national defense spending.
In particular, there will be phased increases in the corporate income tax and tobacco consumption tax starting around 2024. Currently, these taxes are 23.2% and 61.7%, respectively. There is also consideration being given to the possibility of using some of the revenue generated from these taxes for the recovery of areas affected by the 2011 earthquake and tsunami.
The Japanese government estimates that it will gain an additional 1.1 to 1.2 trillion Japanese yen (equivalent to approximately 56.1 to 61.2 billion Chinese yuan) through this method. The plan is to generate up to 70% of this amount by increasing corporate taxes.
2FIRSTS will continue to track and report on this topic. Further updates will be available on the 2FIRSTS app. Scan the QR code below to download the app.
This document has been generated through artificial intelligence translation and is provided solely for the purposes of industry discourse and learning. Please note that the intellectual property rights of the content belong to the original media source or author. Owing to certain limitations in the translation process, there may be discrepancies between the translated text and the original content. We recommend referring to the original source for complete accuracy. In case of any inaccuracies, we invite you to reach out to us with corrections. If you believe any content has infringed upon your rights, please contact us immediately for its removal.
