Diet enacted the fiscal 1998 supplementary budget Wednesday night, paving the way for the long-awaited implementation of the government's 16 trillion yen stimulus package.
The House of Councilors approved and enacted the general account supplementary budget, worth 4.65 trillion yen, a prerequisite to carrying out the stimulus package, the largest ever planned. Coupled with additional income and residential tax cuts, actual fiscal spending from the budget totals 6.1 trillion yen.
It calls for 1.4 trillion yen in income tax cuts and 600 billion yen in residential tax cuts. These temporary reductions are in addition to 2 trillion yen in cuts included in the fiscal 1997 supplementary budget, which have already been implemented.