Reforming The Tax System In Japan To Promote Fiscal Sustainability And Economic Growth
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Reforming The Tax System In Japan To Promote Fiscal Sustainability And Economic Growth
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Author : Randall Sidney Jones
language : en
Publisher:
Release Date : 2008
Reforming The Tax System In Japan To Promote Fiscal Sustainability And Economic Growth written by Randall Sidney Jones and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Tax reform is an urgent priority, as Japan needs as much as 5% to 6% of GDP of additional government revenue just to stabilise public debt, which has risen to 180% of GDP. In addition to raising revenue, tax reform should promote economic growth, address the deterioration in income distribution and improve the local tax system. Additional revenue should be obtained primarily by increasing the consumption tax rate, currently the lowest in the OECD area, while broadening the personal and corporate income tax bases. The corporate tax rate, now the highest in the OECD area, should be cut to promote growth, while eliminating aspects of the tax system which discourage labour supply and distort the allocation of capital. Japan should also consider introducing an Earned Income Tax Credit to promote equity. The local tax system should be simplified, increasing reliance on existing taxes on property, income and consumption.
Oecd Economic Surveys Japan 2008
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2008-04-09
Oecd Economic Surveys Japan 2008 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-09 with categories.
This 2008 edition of OECD's periodic survey of the Japanese economy finds Japan experiencing the longest expansion in its post-war history. Moving forward, this survey examines some of Japan's key challenges including bringing an end to deflation ...
Japan S Corporate Income Tax
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Author : Ruud A. de Mooij
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-04
Japan S Corporate Income Tax written by Ruud A. de Mooij and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-04 with Business & Economics categories.
This paper explores how corporate income tax reform can help Japan increase investment and boost potential growth. Using international and Japan-specific empirical estimates of corporate tax elasticities, investment is predicted to expand by around 0.4 percent for each point of rate reduction. International consensus estimates suggest further that between 10 and 30 percent of the static revenue loss could be recovered in the long run through dynamic scoring, although Japan’s offset may be closer to the lower bound. Compensating fiscal measures are necessary in light of Japan’s tight fiscal constraints. The scope for base broadening in the corporate income tax is found to be limited and some forms of base broadening will undo positive investment effects of a rate cut. Alternative revenue sources include higher consumption and property taxes. A gradual approach toward lowering tax rates mitigates windfall gains and reduces short-run revenue costs. An incremental allowance-for-corporate-equity system could boost investment with limited fiscal costs in the short run.
The Japanese Tax System
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Author : Hiromitsu Ishi
language : en
Publisher: Oxford University Press
Release Date : 2001
The Japanese Tax System written by Hiromitsu Ishi and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
This book provides English-speakers with a comprehensive description and incisive critique of the Japanese tax system. The third edition explores the Japanese government's latest round of tax reforms - a reaction to the country's prolonged period of recession following the collapse of the 'bubble' phenomenon in 1991. Two brand new chapters discuss the effect of environmental taxes and land tax reform, and much of the original data and empirical material has been updated.
The Impact Of Fiscal Consolidation And Structural Reformson Growth In Japan
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Author : Pelin Berkmen
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
The Impact Of Fiscal Consolidation And Structural Reformson Growth In Japan written by Pelin Berkmen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
With Japan’s public debt reaching historical levels, the need for fiscal consolidation and structural reforms have increased. As fiscal consolidation will require a sustained and large adjustment in the fiscal balance, its growth effect is a concern particularly for the short run. This paper uses the IMF’s Global Integrated Monetary and Fiscal Model to analyze the growth impact of fiscal consolidation and structural reforms. Although fiscal consolidation has short-term costs, the potential long-term benefits are considerable, and reforms that raise potential growth could support consolidation. Simulations show that the external environment also matters but domestic policies should be the priority.
Making Fiscal Policy In Japan
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Author : Hiromitsu Ishi
language : en
Publisher: OUP Oxford
Release Date : 2000-12-07
Making Fiscal Policy In Japan written by Hiromitsu Ishi and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-07 with Business & Economics categories.
Making Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention.
The Public Sector In Japan
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Author : Toshihiro Ihori
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009
The Public Sector In Japan written by Toshihiro Ihori and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
This book presents a comprehensive, theory-based analysis of Japan's public sector. Particular emphasis is directed at developing tools that can be applied to theoretically and empirically clarify essential economic concerns in Japan's public sector. These include macroeconomic incidence of fiscal decentralization, dependence on government bonds for covering financial deficits, and social security reform. In analyzing Japan's underperforming public sector, the authors develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of the public sector, and strengthening the sector's contribution to the Japanese economy.
Japan Selected Issues
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-04-06
Japan Selected Issues written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-06 with Business & Economics categories.
Japan: Selected Issues
Excerpt Can Abenomics Succeed
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Author : Mr.Dennis P Botman
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-30
Excerpt Can Abenomics Succeed written by Mr.Dennis P Botman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-30 with Deflation (Finance) categories.
Since the bursting of the bubble, Japan has been unable to sustain economic recoveries. Monetary policy was unable to beat deflation, structural reforms failed to lift potential growth, and fiscal measures were insufficient to reverse the path of ever rising public sector debt. Japan’s revitalization plan dubbed the “three arrows of Abenomics” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome these problems. Amid a more challenging external environment and an aging population, Japan may well face its last opportunity to avoid a highly disruptive fiscal crisis and restore sustainability in a smooth manner instead. The book discusses mutually reinforcing reforms on several fronts, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms to revive animal spirits and stimulate potential growth.
Japan
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-27
Japan written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-27 with Business & Economics categories.
This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.