Japan mulls postponing defense-linked tax hikes to FY 2025 or later

Japan is considering postponing the start of tax hikes to fund a substantial increase in defense spending until fiscal 2025 or later, rather than the initially planned fiscal 2024 or later, taking heed of a ruling party request, sources familiar with the matter said Monday.The government is planning to include such a plan in an economic and fiscal policy blueprint to be formally approved by the Cabinet on Friday. Nontax revenues will be used to secure the necessary funding until the taxes are hiked based on the new schedule, the sources added.Prime Minister Fumio Kishida has decided to spen…READ FULL ARTICLE