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Japan Expects Higher Tax Revenue
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Lower oil prices, higher corporate profits, and restrained spending, lead to improvements in Japan's budget deficit. There is a 24% increase in corporate taxes in Japan's budget estimates for 2015 compared to Dec. 2012 when prime minister Abe assumed office. This will help reduce the budget deficit. The budget assumes an oil price of $69, making the budget plan achievable with prices below $50 in Jan. 2015. For the next fiscal year tax revenue is expected to increase by 5.4% over the prior year, with half of the increase from the sales tax increase and the other half from the higher economic growth. Budget projections assume 3.6% global economic growth, exports up by 5.2% in real terms, and imports up 3.9%. Spending is kept under control increasing by just 0.5% from the current fiscal year budget, and borrowing reduced by 11%. The government plan is to produce a primary budget surplus by 2020, and cut the deficit by half in the primary budget which excludes bond issuance and interest payments, by fiscal 2015.
Japan's 2015 budget showing a 24% increase in tax revenues since Dec. 2012 helping reduce the budget deficit
01/14/2015
Lower oil prices and higher corporate profits, with restrained spending, are some of the factors behind a surge in tax revenues and reducing the budget deficit in fiscal year 2015 after 3 years of the Abe administration. The budget plan is to cut the deficit in half for the primary budget which excludes bond issuance and interest payments, by fiscal year 2015. By 2002 the plan is to produce a primary budget surplus.
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