Jul 10, 2015

Local tax revenue up for fifth year

Total tax revenue at the local level rose 4.8 percent in fiscal 2014 from the previous year to ¥38.42 trillion, up for the fifth consecutive year, the internal affairs ministry said in a preliminary report. The growth in the year ended in March reflected ...

Jun 18, 2015

State still on track to miss fiscal 2020 reform goal

The government is still on track to miss a key fiscal rehabilitation goal in fiscal 2020, government sources said Wednesday. The sources said the government is set to leave its projection for missing the goal unchanged in its upcoming medium- to long-term fiscal estimate. ...

Jun 1, 2015

Fiscal council tells Aso to tame spending

An advisory panel to Finance Minister Taro Aso warned in a report Monday that a proposed government fiscal reform plan that relies excessively on a revenue increase derived from economic growth is “too optimistic.” The panel called on the government to improve fiscal health ...

May 11, 2015

Medium-term target expected for 2020 fiscal reform goal

The Abe administration plans to set a medium-term target to achieve its key fiscal reform goal in fiscal 2020, aiming to reduce the ratio of the primary deficit to gross domestic product to around 1 percent in fiscal 2018, sources said Monday. The medium-term ...

Aso vows to improve 'extremely severe' public finances

Feb 12, 2015

Aso vows to improve 'extremely severe' public finances

The state of Japan’s public finances is “extremely severe,” Finance Minister Taro Aso said on Thursday, vowing to do whatever is needed to boost revenues and cut expenditures to restore the country’s fiscal health. Aso, who is also deputy prime minister, said Tokyo will ...

Feb 12, 2015

Japan to miss 2020 fiscal reform goal: Cabinet

Japan is set to miss its key fiscal rehabilitation goal in fiscal 2020, even if the doubling of the consumption tax is completed and the economy is on a solid recovery track, an estimate released by the Cabinet Office said Thursday. Prime Minister Shinzo ...

Abe vows to 'steadily achieve' fiscal reform goal in fiscal 2015

Dec 23, 2014

Abe vows to 'steadily achieve' fiscal reform goal in fiscal 2015

Prime Minister Shinzo Abe said his administration will “make every effort to steadily achieve” its fiscal rehabilitation goal in fiscal 2015, while promising to streamline public spending. Abe’s remarks came during a meeting Monday of the Council on Economic and Fiscal Policy, where the ...

Jul 31, 2014

IMF's Japan report sees yen at fair value but warns on reforms

The International Monetary Fund said in a report released Thursday that the yen is currently at fair values against the other major currencies. The yen is assessed “as broadly consistent with medium-term fundamentals,” the Washington-based lender said in its annual assessment of the Japanese ...

Jun 27, 2014

Tax small firms more to offset corporate rate cut, panel says

The Tax Commission says small and midsize firms should pay more taxes to offset the loss in revenue from Prime Minister Shinzo Abe’s promised corporate tax cut, it said in its reform plan Friday. Analysts said that will no doubt draw fire for giving ...

Abe vows to trim ¥17 trillion; details few

Aug 8, 2013

Abe vows to trim ¥17 trillion; details few

The Abe administration approves a medium-term fiscal reform plan, pledging to narrow the budget deficit by ¥17 trillion over the next two years but offering no specifics on how to improve public finances.