TOKYO -- Japanese Prime Minister Fumio Kishida aims to bring in over 1 trillion yen ($7.3 billion) a year through tax hikes by fiscal 2027 to help fund a major increase in defense spending.
At a policy roundtable held Thursday, Kishida asked the ruling parties' respective tax policy commissions to look into which levies to raise and when. The government will "consider a phased implementation over multiple years up to fiscal 2027," he said, with the starting time frame to be determined based on the state of the economy.
