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Japan’s ruling bloc agreed on Friday to increase taxes to fund a substantial increase in the country’s defense spending but stopped short of deciding when the measure would go into effect.
Prime Minister Fumio Kishida has planned to increase defense spending to 43 trillion yen ($315 billion), or 2 percent of gross domestic product, over the next five years to bolster Japan’s defense capabilities.
To achieve this, the ruling bloc proposed imposing a corporate tax surcharge of 4 percent to 4.5 percent, with exemptions for small and medium-sized firms earning less than 24 million yen ($175,811) per year.
“Less than 6 percent of all corporations will be subject to this measure,” Kishida told a press conference, according to his office....