Japan General-Account Spending to Top 107 T. Yen in FY 2022

Politics

Tokyo, Dec. 17 (Jiji Press)--The Japanese government is considering securing general-account expenditures of over 107 trillion yen in its budget for fiscal 2022, which starts in April next year, sources familiar with the matter said Friday.

General-account spending is thus likely to hit a record high for the 10th straight year and surpass 100 trillion yen for the fourth consecutive year following 106,609.7 billion yen in the fiscal 2021 initial budget.

The increase reflects higher social security costs due to an aging population and ballooning costs for responding to the COVID-19 pandemic.

The government is expected to adopt a fiscal 2022 budget plan as early as Dec. 24.

The government estimates its fiscal 2022 tax revenue at a record high of around 65 trillion yen, up sharply from 57,448 billion yen projected for fiscal 2021, mainly thanks to higher corporate tax revenue amid an earnings recovery from the pandemic.

[Copyright The Jiji Press, Ltd.]

Jiji Press