Taxes to be raised to cover additional defense spending: Japan PM

Japanese Prime Minister Fumio Kishida said Thursday the government plans to raise taxes and secure 1 trillion yen ($7.3 billion) every year from fiscal 2027 to cover a quarter of the additional funding needed for increased defense spending aimed at coping with an array of security challenges.Kishida, who aims to boost the nation's defense spending to a combined 43 trillion yen in the next five years starting in fiscal 2023, said, however, that the government will not raise income taxes given the severe economic situation surrounding households. Increasing the corporate tax is widely seen as…READ FULL ARTICLE