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Japan to consider financial income tax hike to pay for defense spending: Report

Japan to consider financial income tax hike to pay for defense spending: Report

City skyline and harbour are seen at sunrise from a quarantine bus window during the Tokyo 2020 Olympic Games in Tokyo, Japan on Jul 24, 2021. (File photo: Reuters/Maxim Shemetov)

TOKYO: Japan's government and ruling coalition are considering raising taxes, including the financial income tax, to fund an expected increase in defense spending, Jiji news agency reported on Friday (Sep 16).

A ruling party official explained the idea, which consists of raising the corporate, financial income and tobacco tax rates, to several business leaders as part of measures to fund the expected rise in defense spending, Jiji reported without citing sources.

Source: Reuters/st

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