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HOME  > Past issues  > 2023 November 29 - December 5  > 13-trillion-yen supplementary budget for FY2023 approved
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2023 November 29 - December 5 [POLITICS]

13-trillion-yen supplementary budget for FY2023 approved

November 30, 2023

The supplementary budget for fiscal 2023 of 13.2 trillion yen was approved in the House of Councilors plenary session on November 29 by the majority vote of the Liberal Democratic Party, the Komei Party, the “Ishin” party, and the Democratic Party for the People.

The Japanese Communist Party and the Constitutional Democratic Party of Japan voted against the supplemental-spending bill.

JCP Dietmember Yamazoe Taku speaking in opposition to the bill pointed out, “The supplementary budget earmarks only 2.7 trillion yen or 20% out of the 13 trillion yen for the protection of people’s livelihoods from rising prices.” He criticized the bill for allocating a budget for the controversial Osaka Kansai Expo and a budget to support giant semiconductor firms as well as the largest ever budget of 813 billion yen on military spending.

Regarding a one-off tax cut which the government is trumpeting as a centerpiece of its economic countermeasures contained in the supplementary budget, Yamazoe said, “What should be reduced is the consumption tax rate.” In addition, he demanded that minimum hourly wages be increased to more than 1,500 yen nationwide in order to enhance the general wage level.

He added, “Even several LDP lawmakers are suggesting that tax be levied on corporate internal reserves as a way to secure fiscal resources for economic countermeasures. The government and the Diet should give serious consideration to this approach.”

Past related article:
> Diet debates on supplementary budget bill commences [November 21, 2023]

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