Business / Economy

Japan fiscal 2019 tax revenue expected to hit record ¥62.5 trillion

JIJI

Tax revenue is expected to hit a record high of ¥62.5 trillion in fiscal 2019, Prime Minister Shinzo Abe said Wednesday.

The amount of new Japanese government bonds to be issued in the fiscal year from April, excluding refinancing bonds, is likely to decline from the previous year for the seventh straight year since the launch of the current administration, the prime minister said at a policy meeting of the government and the ruling camp led by his Liberal Democratic Party.

The government’s fiscal 2019 draft budget will be designed to “balance economic recovery with efforts to restore fiscal health,” Abe said. “We aim to put the economy on a firm growth track through the early passage of the budget.”

At the meeting, participants discussed the government’s fiscal 2019 draft budget, which is expected to feature programs to cushion the impact from the planned consumption tax increase in October 2019, and a second supplementary budget for fiscal 2018 designed chiefly to finance measures against natural disasters.

Abe said that his administration will take all possible measures in its fiscal 2019 budget to overcome negative effects on the economy from the consumption tax hike, citing the distribution of shopping points for cashless purchases as an example.