The draft government budget for fiscal 2015, compiled this week by the Abe administration, paints a positive picture of increased tax revenue through economic growth taming the rise in public debt. But not much effort seems to have been made to rein in government spending to restore the nation’s fiscal health.
General-account expenditures will rise by nearly ¥500 billion from the current fiscal year to a record ¥96.34 trillion. Tax revenue is estimated to rise by ¥4.52 trillion to ¥54.52 trillion, the highest level in 24 years, and the issue of new government bonds to finance the revenue shortfall will be reduced to ¥36.86 trillion, the first time in six years the bond issue will fall below ¥40 trillion. The government says the tax revenue increase will bring its goal of halving the primary balance deficit as measured against gross domestic product in fiscal 2015 from the 2010 levels within reach.
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