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Japanese government plans to approve $53B in supplementary budget

Dec. 11, 2013 at 10:58 PM   |   Comments

TOKYO, Dec. 11 (UPI) -- The Japanese government Thursday prepared to approve a $53 billion supplementary budget ahead of a sales tax hike, sources told Kyodo News.

The allocation for this fiscal year will finance a stimulus package meant to ease any negative economic impact from the 3 percent increase in the sales tax going into effect from next April. The new sales tax rate will be 8 percent from the current 5 percent.

The government of Prime Minister Shinzo Abe has put in place several stimulus measures to lift the economy out of its 15-year-old deflation.

The Abe government has decided against issuing additional bonds this fiscal ending next March as tax receipts are expected to be higher than originally estimated with the improving economy, Kyodo said.

Topics: Shinzo Abe
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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