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Wednesday, July 24, 2024

Japan’s upper house passes legislation to finance increased military spending

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Tokyo: The upper house of the Japanese parliament passed legislation on the sources of funding for increased defense spending early on Friday, according to the parliament’s broadcast.

The law passed despite the opposition resisting the legislation as Japan’s ruling party has a majority in the upper house.

The law will provide non-tax sources to ensure increased military spending in Japan. The government is planning to raise the amount of military spending to 43 trillion yen ($318 billion) in the five years from 2023 to 2027, a 17 trillion (about $126 billion) increase compared to current spending.

A defense capacity-building fund will be created to provide non-tax revenues under the legislation. Part of the increased expenditures are planned to be paid off by increasing corporate taxes, but the measure was postponed until 2025 as it is extremely important even within the ruling party.

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