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ECONOMY > Economic Policy

Key points of “Basic Policy on Economic and Fiscal Management and Reform” draft

  • May 29, 2018
  • , Nikkei , Lead
  • JMH Translation

<Consumption tax raise, tax increase measures>

  • Increase the consumption tax in October 2019
  • Consider financial support for car, home purchases
  • Flexibly handle initial budgets for fiscal 2019 and fiscal 2020
  • Allow business operators to set prices freely before or after the tax increase


<Fiscal rebuilding plan>

  • Set the goal of achieving a primary balance surplus in fiscal 2025
  • Conduct interim examinations on three economic indexes, such as the debt-to-GDP ratio
  • Continue existing spending reforms on social welfare and other ordinary spending
  • Maintain the same level of general revenue sources paid out to local governments


<Growth strategies, such as personnel development>

  • Make nursery schools and kindergartens free in October 2019 ahead of schedule
  • Exempt students from low-income households from payment of admission fees to national and public universities
  • Utilize land of unknown ownership
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