Japan Could Raise Corporate Tax to Fund Defense Budget: Nikkei

Increasing Japan’s corporate tax rate is an option to fund the country’s defense budget that could double in the next few years, Nikkei reports citing Yoichi Miyazawa, head of tax policy in the ruling Liberal Democratic Party, in a Friday interview.

• “If we expect a significant amount of revenue” to pay for the higher spending, “then we need to consider a significantly large tax,” Yoichi Miyazawa said
  • Miyazawa stressed cutting spending elsewhere should be the priority, adding the idea of paying the increased costs with government debt is “so irresponsible”
• On the need for a permanent funding source, Miyazawa ...