Japan raises tobacco, corporate taxes to finance defense spending boost

Japan on Wednesday raised tobacco and corporate taxes to finance a boost in defense spending, with income tax hike set to follow in 2027 as the government projects the tax increases will add some 1.3 trillion yen ($8 billion) annually in revenue. As the security environment surrounding Japan deteriorates and the government is set to further beef up the country’s defense capabilities, the public is likely to face further tax burdens to finance the defense outlays, which have now ballooned to a record-high 9 trillion yen a year. From Wednesday, the government added a surtax of 4 percent after deducting […]... Keep on reading: Japan raises tobacco, corporate taxes to finance defense spending boost

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