Japan could raise corporate tax to fund defense budget: LDP tax chief

Miyazawa stresses spending cuts first and says using debt would be 'irresponsible'

Yoichi Miyazawa, chair of the Liberal Democratic Party's tax commission, expressed interest in fixing the "100 million yen wall" in Japan's tax code during an interview on Oct. 14 in Tokyo.

KOSUKE TAKEUCHI, Nikkei staff writer

October 15, 2022 04:09 JST

TOKYO -- Increasing Japan's corporate tax rate is an option to fund a defense budget that could double in the next few years, Yoichi Miyazawa, head of tax policy in the ruling Liberal Democratic Party, told Nikkei.

"If we expect a significant amount of revenue" to pay for the increased spending, "then we need to consider a significantly large tax," he said during a Friday interview.