Japanese Public Finance Fact Sheet
|
|
- Stewart Cross
- 5 years ago
- Views:
Transcription
1 Japanese Public Finance Fact Sheet ー FY2010 Budget (Supplementary Data) ー 1. FY2010 General Account Budget 1 2. Highlights of the FY2010 Budget 3 3. Comparison of the Government Budget to a Household Budget 7 4. Trends in General Account Expenditures and Tax Revenues 8 5. Accumulated Government Bonds Outstanding 9 6. Change in the Composition of the General Account Expenditures Interest Payments and Government Bonds Outstanding 10 February, 2010 Ministry of Finance
2 1. FY2010 General Account Budget (1) Breakdown of Expenditures FY2010 General Account Budget amounts to approximately 92 trillion yen. The expenditures of the budget shows that national debt service (expenditures allocated to interest payment and debt redemption for national government bonds), local allocation tax grants, etc. and social security-related expenditures occupy almost 70% of the total expenditures. Refund to the Settlement Adjustment Fund % (Unit: billion yen) National Debt Service 20, % Redemption of the National Debt 10, % Local Allocation Tax Grants, etc. 17, % Interest Payment Expenses 9, % General Account Total Expenditures 92,299.2 (100.0%) Others 10, % Social Security 27, % Public Works 5, % Education & National Science Defense 5, , % 5.2% General Expenditures 53, % 1 Food Supply 1,159.9 (1.3) Energy (0.9) Former Military Personnel Pensions (0.8) Economic Assistance (0.6) Promotion of SMEs (0.2) Miscellaneous 5,196.8 (5.6) Contingencies for Economic Crisis Response and Regional Revitalization 1,000.0 (1.1) Contingencies (0.4)
3 (2) Breakdown of Revenues Tax revenues in FY2010 General Account Budget cover only a bit more than 40% of the total revenues, while the remaining nearly 50% depends on government bond issues, which will pose burdens on future generations. (Unit: billion yen) 将来世代の税負担 Government Bond Issues 44, % Special Deficitfinancing Bonds 37, % Construction Bonds 6, % Income Tax 12, % General Account Total Revenues 92,299.2 (100.0%) Other Revenues 10, % Corporation Tax 5, % Consumption Tax 9, % Others 9, % Tax and Stamp Revenues 37, % Gasoline Tax 2,576.0 (2.8) Liquor Tax 1,383.0 (1.5) Inheritance Tax 1,271.0 (1.4) Tobacco Tax (0.9) Customs Duties (0.8) Petroleum and Coal Tax (0.5) Motor Vehicle Tonnage Tax (0.5) Other Taxes (0.5) Stamp Revenues 1,024.0 (1.1) 2
4 2. Highlights of the FY2010 Budget Outline of FY2010 General Account Budget FY2009 Initial Major Expenditures FY2009 FY2010 Change (FY2009 to FY2010) % change (FY2009 to FY2010) Social Security 24, , , % Education & Science 5, , % Former Military Personnel Pensions % National Defense 4, , % Public Works 7, , , % Economic Assistance % [Reference] ODA (Gov t Expenditures) (ODA project volume (gross)) FY2010 Initial FY2009 FY2010 (Revenues) Tax Revenues 46, , ,707.0 Includes a reduction of the motor vehicle tonnage tax by billion. Other Revenues 9, , ,449.2 Including transfer from the Special Account for Fiscal Investment and Loan Program ( 4,775.2 billion) and transfer from the Special Account for Foreign Exchange Funds ( 2,850.7 billion), etc. (Reference) As for the Special Account for Foreign Exchange Funds, all of the surpluses in FY2009 ( 2,500.7 billion), as well as billion of the expected surpluses in FY2010, are to be transferred to the General Account. Changes in Major Budget Expenditures : From Concrete to People (1,877.0) (1,910.0) (33.0) (Unit: Billion yen) -7.9% (Approx. 2%) Promotion of SMEs % Energy % Food Supply , % Miscellaneous 5, , % Subtotal 50, , , % Local Allocation Tax Grants, etc. 16, , % Notes Government Bond Issues 33, , ,009.0 Bond Dependency Ratio: 48.0% (FY2009: 37.6%) Construction Bonds 7, , ,226.0 Special Deficit-Financing Bonds 25, , ,235.0 Total 88, , ,751.2 (Expenditures) National Debt Service 20, , Local Allocation Tax Grants, etc. 16, , Includes special grants for the newly established child allowance and the existing child benefits ( billion) General Expenditures 51, , ,723.3 Social Security 24, , ,434.2 Contingencies for Economic Crisis Response and Regional Revitalization Refund to the Settlement Adjustment Fund 1, , Total 88, , ,751.2 (Note) Figures may not add up to the totals due to rounding. (Unit: billion yen) Established Contingencies for Economic Crisis Response and Regional Revitalization ( 1 trillion) Establishment of a ceiling amount for acts of bearing liabilities with the national treasury funds for specified purposes (up to 1 trillion). In total, 2 trillion for economic stimulus measures 3 (Note) National Debt Service, Contingencies, and Repayment of the Fund of Compensation for the Shortfall at Settlement are not included.
5 Major Policies in the Roadmap of the DPJ Manifesto Item Child allowance Effectively free public high school tuition Pension record problems Phased measures to relieve the doctor shortage, etc. Individual (household) income support for agriculture Abolition of provisional tax rates Elimination of highway tolls Outline Monthly amount: 13,000 per one child No income limitation As for FY2010, local governments and employers will continue their contribution of the existing child benefits within the framework of Child Benefits Law. Central Government will bear the remaining burden. Households that have a student in public high school: Tuition is not collected Households that have a student in private high school: Provides educational subsidies equivalent to tuition costs in public high school (approx. 120,000 per annum) (Extra subsidies are provided to low-income households annual income less than 2.5 million: approx. 120,000; annual income over 2.5 million but less than 3.5 million: approx. 60,000) The central government bears the expenses which are additionally necessary in line with the measures related to public high school. Start collating all computerised pension records with the paper-based records such as lists of insured persons by utilizing electronic image data retrieval system. Create a system so that pensioners can promptly view their own pension records over the Internet. Substantially increasing medical service fees for the first time in a decade. Increasing medical-care expenditures (approx. 400 billion) in medical care for acute hospitalization where the doctor shortage is serious. (fiscal resource: national health insurance drug prices revision) Putting a priority on emergency care, obstetrics, paediatrics, and surgery in reviewing allocation of medical service fees. The unit price in fixed amount of compensation subsidies is 15,000 per 10 ares in model projects for the individual (household) income support system. In addition, changing amount is established. Projects for improvement of self-sufficiency through the use of paddies will be implemented, paying attention to relaxation of drastic changes in each area. Abolition of the existing provisional tax rates for 10 years as for the taxation on fuel. For the time being, however, tax-rate levels are maintained. In light of the need to safeguard people's daily lives, legislative measures to suspend taxation in excess of the regular tax rate in case of extraordinary inflation of oil prices. Abolition of the existing provisional tax rates for 10 years as for the motor vehicle tonnage tax. However, establishing tax rates that the reduce tax burden equivalent to half of the central government's share of revenues in provisional extra tax rates. Implementing such measures as stepwise expansion of toll discounts and introduction of a unified toll system, and while assessing their social impact, proceeding step by step with the progressive elimination of all highway tolls. In this, reduction of the burden on light motor vehicles. When implementing the pilot programs in the first year, it is necessary to pay careful attention to the confines of routes, other transportation facilities such as railways, and worries about traffic jams. Employment measures Relaxing the applicable scope of employment insurance from "a person likely to be kept employed over 6 months" to "a person likely to be kept employed over 31 days." Increasing 350 billion in the FY2009 second supplementary budget for state contribution of unemployment benefits. 4
6 Ensuring Resources of Major Policies in the Roadmap of the DPJ Manifesto Implementation of a child allowance 1.7 trillion (Note 1) Individual (household) income support for agriculture 0.6 trillion Effectively free public high school tuition 0.4 trillion Abolition of provisional tax rates Elimination of highway tolls Pension record problems Employment measures 0.2 trillion 0.1 trillion 0.1 trillion 0.0 trillion Total: 3.1 trillion Need to ensure resources due to realizing new measures Realizing the all-around reworking of the budget through the scrutinizing of public projects by the GRU, and ensuring necessary resources without being so quick to rely on unbridled issuing of government bonds. Reflecting the results of the evaluation scrutinizing of public projects by the GRU Repayment of funds in public-service corporations, etc.: 1.0 trillion Reductions to the expenditures from the budget requests stage: 1.0 trillion Reductions in budget requests stage: 1.3 trillion Total: 3.3 trillion (Note 1) Including special grants for the newly established child allowance and the existing child benefits 5 (Note 2) Increasing medical care expenditures in medical care for acute hospitalization by approximately 400 billion for doctor shortage measures. (Fiscal resource: national health insurance drug prices revision)
7 Non-Tax Revenues ~ Ensure the highest-ever non-tax revenues with maximum effort ~ FY2007 Initial FY2008 Initial FY2009 Initial FY2010 Initial 4.0 trillion 4.2 trillion 9.2 trillion 10.6 trillion (highest on record) Utilizing the reserves (stock) and the surpluses (flow) in the special accounts Special Account for Fiscal Investment and Loan Program (Fiscal Loan Program Fund Account) : 4.8 trillion Transfer all of the remaining reserves (stock) to the General Account : 3.4 trillion In addition, transfer all of the surplus ( 1.4 trillion) (flow) to the General Account, as an exceptional measure. Special Account for Foreign Exchange Funds: 2.9 trillion Transfer all of the FY2009 surplus ( 2.5 trillion [highest on record] ) (flow) to the General Account (Note) In FY2009: 3/4 of the surplus was transferred In addition, transfer part of the expected surplus in FY2010 ( 0.35 trillion [equivalent to the highest on record] ), as an exceptional measure. In addition, transfer 0.2 trillion to the General Account from seven Special Accounts (Social Infrastructures Improvement, Food Supply, Trade Reinsurance, Fiscal Investment and Loan Program (Investment Account), Registrations, Patent Registration, and Agricultural Mutual Aid Reinsurance) Reviewing the funds of public-service corporations, etc. Repayment of funds of public-service corporations and independent administrative agencies, etc., to the national treasury: approx. 1.0 trillion Of which: funds of public-service corporations, etc.: 0.8 trillion; repayment as a result of reviewing FY2009 first supplementary budget: 0.2 trillion (Note) Including repayment of interest-free loans in Organization for Promoting Urban Development (MINTO) to the special account ( billion) (Reference) Changes in the Budget Formulation Process Substantially reform of the budget formulation process in FY2010 budget formulation Principles of FY2010 Budget Formulation (September 29, 2009 Cabinet Decision) Aggressive spending cuts were pursued at the budget request stage wherever possible, by carrying out zero-based review of the priorities of the existing budget strictly. (At the time of FY2010 budget requests, approx. 1.3 trillion was slashed from the existing budget) Fully public scrutinizing of public projects by the Government Revitalization Unit December 15, 2009 Basic Principles of Budget Formulation (Cabinet Decision) Bold review of expenditures based on the evaluation results of the scrutinizing of public projects. In addition, thorough review of cross-sectional projects. Disclosure of the reflection of the evaluation results of the scrutinizing of public projects. Controlling the amount of FY2010 government bond issuance within approx. 44 trillion 6
8 3. Comparison of the Government Budget to a Household Budget Japan s public finance is likened to running a household economy with a monthly income of 400,000 yen, it would have to borrow 370,000 yen every month to cover the necessary monthly expenditure and would already have amassed loans amounting to 60 million yen. <Household Budget for a month> <FY2009 General Account> Household monthly income 400 thousand ーTax and Non-tax Revenues 48.0 trillion ーIf Total necessary expenditures 770 thousand Household expenditures 450 thousand Monthly Allowance for Children 150 thousand Payment on Loans 170 thousand =General Account Expenditures 92.3 trillion General Expenditures 53.5 trillion Local Allocation Tax Grants, etc trillion National Debt Service 20.6 trillion =Shortfall = Borrowing 370 thousand Government Bond Issues 44.3 trillion By the end of the fiscal year these borrowed funds would continue to accumulate to reach as follows. Loan Outstanding 63,700 thousand Bonds Outstanding 637 trillion 7
9 4. Trends in General Account Expenditures and Tax Revenues Japan continues to run budget deficits where expenditure exceeds revenue. While the gap between revenue and expenditure had been narrowed until a few years ago thanks to economic recovery and measures taken to achieve fiscal consolidation, it has started to widen again with decline in tax revenues reflecting economic turndown. (Trillion yen) Total Expenditures Tax Revenues Construction Bond Issues Special Deficit-Financing Bond Issues (FY) General Account Expenditures and Revenues (Trillion yen) Fiscal year Expenditures General Expenditures Local Allocation Tax Grants, etc National Debt Service Revenues Tax Revenues Other Revenues Government Bond Issues Bond Dependency Ratio (%) (Note 1) FY : Settlement; FY2009: Second Revised Budget; FY2010: Initial Budget (Note 2) The above-listed General Account expenditures include, for the sake of convenience, Repayment of the Fund of Compensation for the Shortfall at Settlement and other items. FY2010 General Account expenditures excluding the repayment of the fund of compensation for the shortfall at FY2008 settlement amount to 53.5 trillion yen. (Note 3) Other revenues in the General Account revenues include operating gains and operating income (e.g.: hospital revenues), gain on sale of government assets (e.g.: gain on sale of national properties), and miscellaneous income (e.g.: contribution from the Bank of Japan and receipts from Special Accounts). (Note 4) Ad-hoc Deficit-financing bonds (approx. 1 trillion yen) were issued in FY1990 as a source of funds to support peace and reconstruction efforts in the Persian Gulf Region. 8
10 5. Accumulated Government Bonds Outstanding Japan s outstanding government bonds have been increasing year after year. The outstanding government bonds are estimated to rise to 637 trillion at the end of FY2010, which amounts to 17 times as large as Japan s annual tax revenues and will surely impose heavy burdens on future generations. (Trillion yen) Accumulated outstanding long-term government debts at central and local government levels, which include indebtedness at the local government level, are estimated at 862 trillion, or 181% of Japan s GDP, at the end of FY Equivalent to approx. 17 years of General Account Tax Revenues Tax Revenues in FY2010 General Account Budget: Approx. 37 trillion FY2010 Government Bonds Outstanding Approx. 637 trillion (projection) Approx million per person Approx million per family of 4 Average disposable income of a working family Approx million (Average family size: 3.45) (Note) Disposable income and family size are based on the FY2008 Survey of Household Economy by the Ministry of Internal Affairs and Communications Special Deficit Financing Bonds (End of FY) Construction Bonds 392 Government Bonds Outstanding to GDP FY Government Bonds Outstanding to GDP (%) 9 (Note) Government Bonds Outstanding is as of the end of March of each fiscal year, except for FY2009 which shows the estimate after Second Supplementary Budget, and for FY2010 which shows the estimate after Initial Budget.
11 6. Change in the Composition of the General Account Expenditures The ratio of expenditure on national debt service to the General Account Expenditures is rising at a consistent pace with increase in cumulative government bond issues, thus putting pressure on outlays needed to carry out other policy measures. 100% 80% National Debt Service 60% Local Allocation Tax Grants, etc. 40% Social Security- Related Expenditures % Others Education & Science National Defense, etc. 0% FY1960 FY1970 FY1980 FY1990 FY2000 FY2010 (Note) FY : Settlement; FY2010: Initial budget Public Works- Related Expenditures 7. Interest Payments and Government Bonds Outstanding As Japan s cumulative government debt outstanding is expanding at a quick pace not seen in other countries, there is a growing concern about significant increase in interest payments should the level of interest rates rise in the future. (Trillion yen) 10% 25 Interest rate (left scale) 8% Government bonds Outstanding (right scale) (Trillion yen) % 15 4% 10 2% 5 0% Interest payments (left scale) (Note 1) Interest Payments for FY : Settlement; FY2009: Second revised budget; FY2010: Initial budget. (FY) (Note 2) Government bonds outstanding for FY : Actual; FY2009: Second revised budget; FY2010: Initial budget. 10
Highlights of the Budget for FY2011
Provisional translation Highlights of the Budget for FY2011 December 2010 Ministry of Finance Outline of FY2011 Budget (General Account) 1) Steady implementation of the New Growth Strategy with focus on
More informationJapan's Fiscal Condition
Provisional translation Japan's Fiscal Condition January 215 Ministry of Finance Table of Contents (1) Fiscal Condition 1 (2) Trends in General Account Tax Revenues, Total Expenditures and Government Bond
More informationFiscal Policy in Japan
Fiscal Policy in Japan - Issues and Future Directions - Introduction 1.Social security benefits have been increasing every year due to the aging population. 2.With these situations, the public finance
More informationMinistry of Finance.
Japanese Public Finance Fact Sheet 2013 http://www.mof.go.jp/english/index.htm Ministry of Finance Table of Contents 1.General Account Budget for FY 2013 1 2.Highlight of the FY 2013 Budget 3 3.Comparison
More informationPublic Finance Statistics Book
Public Finance Statistics Book (FY218 Draft Budget) December 217 Ministry of Finance, Japan Table of Contents (1) Fiscal Condition at a Glance (2) Central Government : Tax Revenue, Expenditure and Bond
More informationJapanese Public Finance Fact Sheet
Japanese Public Finance Fact Sheet 2016 Ministry of Finance Ⅰ. Current Fiscal Situation Table of Contents Part 1 Public Finance in Japan 1.General Account Budget for FY2016 1 Column: Comparison of the
More informationHighlights of the Draft FY2018 Budget
Highlights of the Draft FY2018 Budget FY2018 Budget: Highlights FY2018 budget, the budget for final year of the intensive reform period set in the Fiscal Consolidation Plan, continues to pursue both economic
More informationBasic Framework for Fiscal Consolidation: Medium-term Fiscal Plan
Basic Framework for Fiscal Consolidation: Medium-term Fiscal Plan I. Basic Understanding August 8, 2013 Approved by the Cabinet A strong economy is a source of national strength. Without economic growth,
More informationJapan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency)
Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency) http://www.jehdra.go.jp 1. Summary of operations implemented using FILP funds Japan Expressway Holding and Debt Repayment
More informationCurrent Japanese Fiscal Conditions and Issues to be Considered
Current Japanese Fiscal Conditions and Issues to be Considered 2007 Ministry of Finance Table of Contents 1. General Account Budget for FY2007 2. Trends in General Account Expenditures and Tax Revenues
More informationFiscal 2006 Economic Outlook and Basic Stance for Economic and Fiscal Management. 1. Economic and Fiscal Management and the Japanese Economy in FY2005
Provisional Translation Fiscal 2006 Economic Outlook and Basic Stance for Economic and Fiscal Management January 20, 2006 Cabinet Decision 1. Economic and Fiscal Management and the Japanese Economy in
More informationCurrent Japanese Fiscal Conditions and Issues to be Considered
Current Japanese Fiscal Conditions and Issues to be Considered 2006 Ministry of Finance Table of Contents I Current Fiscal Situation 1 1. FY2006 General Account Budget 1 2. Trends in General Account Expenditures
More informationOverview. Tax and Stamp Revenues. Amount determined for collection. Amount carried forward from the previous fiscal year, etc.
Survey of the of Tax and Stamp Revenues Type Withholding tax Self-assessment tax Income tax Subtotal Corpon tax Inheritance tax Land value tax Consumption tax Overview Consumption tax and local consumption
More information3 Debt Management Systems
3 Debt Management Systems (1) System All the bonds issued to fund a shortfall in General Account and Special Accounts of the national budget are repaid through the Government Debt Consolidation Fund (GDCF).
More informationLessons from Japan: How Abenomics Can Provide Solutions for Advanced Countries
Lessons from Japan: How Abenomics Can Provide Solutions for Advanced Countries Yasushi Kinoshita Former Administrative Vice Minister, Ministry of Finance, Japan Visiting Fellow, Center on Japanese Economy
More informationUnderstanding the Federal Budget 1
Understanding the Federal Budget 1 "For in the end, a budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another." --From
More informationKyoto Prefecture Financial Profile and Fiscal Reforms (Data) 2013 Oct.
Kyoto Prefecture Financial Profile and Fiscal Reforms (Data) 2013 Oct. Contents FY2013 General Account Initial Budget 2 Public Sector and Affiliate Organizations 8 FY2013 General Account Initial Budget
More informationFiscal 2003 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional Translation Fiscal 2003 Economic Outlook and Basic Stance for Economic and Fiscal Management Cabinet approval Dec. 19, 2002 1. Fiscal 2002 economic and fiscal managements and the Japanese economy
More informationFiscal 2003 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional Translation Fiscal 2003 Economic Outlook and Basic Stance for Economic and Fiscal Management Cabinet approval Dec. 19, 2002 1. Fiscal 2002 economic and fiscal managements and the Japanese economy
More informationFiscal 2002 Economic Outlook and Basic Stance for Macroeconomic & Fiscal Management Decided by the Cabinet on January
Fiscal 2002 Economic Outlook and Basic Stance for Macroeconomic & Fiscal Management Decided by the Cabinet on January 25. 2002 Provisional Translation 1. Fiscal 2001 Macroeconomic Management and the Japanese
More informationThe History and Development of the Consumption Tax policy in Japan
SECOND MEETING OF THE OECD GLOBAL FORUM ON VAT The History and Development of the Consumption Tax policy in Japan April 2014 Hidemasa Nakamura Director for Coordination Division, Tax Bureau, Ministry of
More informationWhite Paper on Local Public Finance, 2011
FY29 Settlement White Paper on Local Public Finance, 211 - Illustrated - Ministry of Internal Affairs and Communications The Role of Local Public Finance 1 The Status of Local Public Finance 4 FY29 Settlement
More informationFiscal 2015 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional translation Fiscal 2015 Economic Outlook and Basic Stance for Economic and Fiscal Management February 12, 2015 Cabinet Decision 1.Japanese Economy in FY2014 In FY2014, the Japanese economy
More informationNotes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in this report are fe
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE An Analysis of the President s 2015 Budget APRIL 2014 Notes Numbers in the text and tables may not add up to totals because of rounding. Unless
More informationProvisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures
Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures January 21, 2005 Cabinet Decision 1. Economic and Fiscal Management and the Japanese Economy in FY2004
More informationMONTHLY FINANCE REVIEW
ISSN 0388-0605 MONTHLY FINANCE REVIEW ch 2018 No. 536 Policy Research Institute MINISTRY OF FINANCE JAPAN MONTHLY FINANCE REVIEW ch. 2018 (No.536) CONTENTS STATISTICS(Released by Ministry of Finance) A.
More informationFiscal 2009 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional Translation Fiscal 2009 Economic Outlook and Basic Stance for Economic and Fiscal Management January 19, 2009 Cabinet Decision 1. The Japanese economy in FY2008 In FY2008, facing the global
More informationThe Fiscal Policy Role in Recession Economy and Issues to be Considered Roongthip Jindapol Visiting Scholar, PRI, Ministry of Finance, Japan 24 July
The Fiscal Policy Role in Recession Economy and Issues to be Considered Roongthip Jindapol Visiting Scholar, PRI, Ministry of Finance, Japan 24 July 2007 1 Outlines I. Thailand s Fiscal Policy Role in
More informationTotal Tax Contribution 2009
www.pwc.com/jp/tax Total Tax Contribution 2009 This survey by PwC Japan Tax looks at the actual amount of taxes and social security contributions borne and collected by large Japanese companies for FY07/08.
More informationComprehensive Immediate Policy Package
Comprehensive Immediate Policy Package Easing Public Anxiety (Summary by the Cabinet Office) August 29, 2008 Joint Meeting of the Government and the Ruling Parties Council on the Comprehensive Immediate
More informationPolicy 1-1-1: Initiatives aimed at achieving greater efficiency in public finance, etc. through prioritized allocations of budget
Policy Goal 1-1: Improve the efficiency and quality of public finance through prioritized allocations of budget General outline of the goal The government is conducting numerous activities in a broad range
More informationWhite Paper on Local Public Finance, 2017
FY215 Settlement White Paper on Local Public Finance, 217 Illustrated Contents The Role of Local Public Finance 1 FY215 Settlement Overview 5 Revenues 7 1. Revenue Breakdown 7 2. Revenues in Regular Portion
More informationMarch Ministry of Finance
HIGHLIGHTS OF THE BUDGET FOR FY2000 March 2000 Ministry of Finance Contents PAGE Highlights of the FY2000 Budget 1 General Account Budget 3 General Account Budget by Major Expenditure Programs 4 Trends
More informationAbstract of the Federal Ministry of Finance's Monthly Report August 2017
Abstract of the Federal Ministry of Finance's Abstract of the Federal Ministry of Finance's Contents Federal budget trends up to and including July 2017 6 Trends in federal expenditure by function 8
More informationJFC JFC Activities
9 JFC Activities Response to the Earthquake 10 Provision of Policy-based Financing 11 Working towards Improved Customer Service that Reflects Comprehensive Capabilities 13 Overview of Operations in and
More informationAbstract of the Federal Ministry of Finance s monthly report September 2018
Abstract of the Federal Ministry of Finance s monthly report Contents Federal budget trends up to and including August 1 Trends in federal expenditure by function 3 Trends in federal expenditure by economic
More informationSME Finance in Japan
October 9, 212 SME Finance in Japan ー Experiences and Challenges - Financial System and Bank Examination Department, Bank of Japan Atsushi Miyanoya 1. Difficulty of SME Finance Small and medium-sized enterprises
More informationEconomic and Fiscal Projections for Medium to Long Term Analysis
Provisional Translation Economic and Fiscal Projections for Medium to Long Term Analysis July 18, 2017 Cabinet Office, Japan Projections are conducted by the Cabinet Office s "Economic and Fiscal Model,"
More informationEconomic and Fiscal Projections for Medium to Long Term Analysis
Provisional Translation Economic and Fiscal Projections for Medium to Long Term Analysis January 23, 2018 Cabinet Office, Japan Projections are conducted by the Cabinet Office s "Economic and Fiscal Model,"
More informationMonatsbericht des BMF
Abstract of the Federal Ministry Monatsbericht des BMF of Finance's Mai 2018 14,9 23,1 8,3 13,3 18,1 21,3 23,1 22,8 19,4 13,8 6,9 2,9 21,3 23,1 22,8 14,9 243 122 564 211 356 980 24 746 809 22 982 749 225
More informationGOAL OF THE COMPREHENSIVE REFORM OF SOCIAL SECURITY AND TAX AND THE CHALLENGES FACED
GOAL OF THE COMPREHENSIVE REFORM OF SOCIAL SECURITY AND TAX AND THE CHALLENGES FACED 0 Background to the Comprehensive Reform of Social Security and Tax (in the pension-related area) Following the completion
More informationRON PAUL PLAN TO RESTORE AMERICA
EXECUTIVE SUMMARY RONPAUL2012.COM RON PAUL PLAN TO RESTORE AMERICA SYNOPSIS: America is the greatest nation in human history. Our respect for individual liberty, free markets, and limited constitutional
More informationFY2014 Settlement White Paper on Local Public Finance, Illustrated
FY214 Settlement White Paper on Local Public Finance, 216 Illustrated Contents The Role of Local Public Finance 1 FY214 Settlement Overview 5 Revenues 7 1. Revenue Breakdown 7 2. Revenues in Regular Portion
More informationJapan s fiscal consolidation plan revised Need to strengthen expenditure reform to achieve a primary balance surplus in FY2025
Mizuho Economic Outlook & Analysis June 27, 2018 Japan s fiscal consolidation plan revised Need to strengthen expenditure reform to achieve a primary balance surplus in FY2025 < Summary > According to
More informationFinancial Results for the Three Months Ended June 30, 2018 (Japanese Accounting Standards) (Consolidated)
Financial Results for the Three Months Ended June 30, 2018 (Japanese Accounting Standards) (Consolidated) 1. Consolidated Financial Results for the Three Months Ended June 30, 2018 (April 1, 2018 through
More informationGuide to Metropolitan Taxes 2018
Guide to Metropolitan Taxes 2018 Metropolitan Taxes, Special Ward Taxes and National Taxes Month Metropolitan Taxes Special Ward Taxes National Taxes April May Motor vehicle tax, mine lot tax Light motor
More informationBudget Paper B FINANCIAL REVIEW AND STATISTICS
Budget Paper B FINANCIAL REVIEW AND STATISTICS FINANCIAL REVIEW AND STATISTICS Contents Overview... 1 1999/2000 Budget Plan... 3 Manitoba Credit Ratings... 5 Budgetary Comparisons... 6 1999 Federal Budget...
More informationFiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management
Fiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management 1. Japanese Economy in FY2017 Provisional translation January 22, 2018 Cabinet Decision In FY2017, the Japanese economy
More informationFramework of Debt Management. This part explains the fundamental framework of debt management.
Framework of Debt Management This part explains the fundamental framework of debt management. Chapter 1 Government Bonds (JGBs) 1 Primary Market for Government Bonds JGBs are issued in various types, depending
More informationFiscal Management Strategy (Executive Summary) -For the Security and Hope of the People-
Fiscal Management Strategy (Executive Summary) -For the Security and Hope of the People- Ⅰ.Basic Concept 1.Current economic and fiscal situation Since the collapse of the bubble economy, policies for economic
More informationAbstract of the Federal Ministry. August2018
Abstract of the Federal Ministry Abstract of the Federal Ministry of Finance s Finance smonthly monthlyreport report of August2018 2018 August Contents Federal budget trends up to and including July 2018
More informationTotal assets Net assets Shareholders equity ratio Net assets per share
Summary of Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2018 (Six Months Ended September 30, 2017) [Japanese GAAP] October 31, 2017 Company name: QUICK CO.,LTD.
More informationSection II. Statewide Overview
Section II Statewide Overview Summary FY 2014 FY 2014 FY 2015 FY 2015 Enacted Final Recommended Enacted Expenditures by Function* General $ 1,487.5 $ 1,600.3 $ 1,509.5 $ 1,513.4 Human Services 3,305.8
More informationTHE TAX POLICY. BRIEFING BOOK A Citizens' Guide for the 2008 Election and Beyond
BACKGROUND: THE NUMBERS I-1-1 THE TAX POLICY BRIEFING BOOK A Citizens' Guide for the 2008 Election and Beyond THE NUMBERS What are the federal government s sources of revenue?... I-1-1 How does the federal
More informationFiscal 2017 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional translation Fiscal 2017 Economic Outlook and Basic Stance for Economic and Fiscal Management January 20, 2017 Cabinet Decision 1.Japanese Economy in FY2016 In FY2016, the Japanese economy is
More informationGrand total Total Sub-total Corporation , , , ,419 95, , , , , ,798
- 465 - 1. : Internal taxes Direct taxes Grand total Total Sub-total Corporation 2011 543,310 465,725 273,849 171,419 95,252 2012 542,798 536,632 319,847 198,176 115,798 2013 581,290 575,414 370,837 219,635
More informationBUDGET IN PICTURES FY
NORTH CAROLINA BUDGET IN PICTURES FY2017-18 NORTH CAROLINA BUDGET IN PICTURES FY2017-18 INTRODUCTION The state budget is one of the most important bills the North Carolina General Assembly considers each
More informationFiscal Year Ended March 31, 2018 Brief Report of Consolidated Financial Statements (Japanese GAAP)
April 26, 2018 Share of profit of entities accounted for using equity method Year ended March 31, 2018 258 million yen Year ended March 31, 2017 1,785 million yen (Note) The Company conducted
More informationKyoto Prefecture. Fiscal Reforms (Data) 2014 Oct.
Kyoto Prefecture Financial Profile and Fiscal Reforms (Data) 2014 Oct. Contents Fiscal Year 2014 General Account Initial Budget/ June Supplemental Budget Overview 2 Overview of Government Debt Program
More informationCONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. The Budget and Economic Outlook: Fiscal Years 2013 to 2023
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: Fiscal Years 2013 to 2023 Percentage of GDP 120 100 Actual Projected 80 60 40 20 0 1940 1945 1950 1955 1960 1965
More informationFiscal 2002 Economic Outlook and Basic Stance for Macroeconomic & Fiscal Management. 1. Fiscal 2001 Macroeconomic Management and the Japanese Economy
Fiscal 2002 Economic Outlook and Basic Stance for Macroeconomic & Fiscal Management 1. Fiscal 2001 Macroeconomic Management and the Japanese Economy The Japanese economy entered a phase of mild-paced recovery
More informationMyanmar's Budget System Reform (Considering Japanese Experiences)
Myanmar's Budget System Reform (Considering Japanese Experiences) Aung Myat Kyaw Budget Department Ministry of Finance in Myanmar 12 th, November, 2015 Policy Research Institute Ministry of Finance in
More informationJapan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency)
Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency) http://www.jehdra.go.jp 1. Summary of operations implemented using FILP funds 2. Amount of lending under FY2012 FILP
More informationFinancial Constraints Driving Healthcare Reform in Japan. Toshihiko Takeda Former Director-General, Health Policy Bureau, MHLW, Japan
Sep. 11 th, 218 Financial Constraints Driving Healthcare Reform in Japan Toshihiko Takeda Former Director-General, Health Policy Bureau, MHLW, Japan 厚生労働省 Ministry of Health, Labour and Welfare Japan s
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report December 2013 Federal budget and fiscal policy figures Federal budget trends up to and including October
More informationAddendum to the Update of the German Stability Programme January 2009
Addendum to the Update of the German Stability Programme January 2009 1. Changed situation and new policy measures adopted Accompanied by a sharp drop in demand and production in many countries including
More informationProjections for outstanding government debt in Japan
Projections for outstanding government debt in Japan (2010, March) Fiscal sustainability in Japan is in a dangerous zone. The outstanding stock of government debt as a proportion of GDP amounts to 1.8
More informationTotal Tax Contribution 2011
www.pwc.com/jp/tax Total Tax Contribution 2011 This survey by PwC Japan Tax looks at the actual amount of taxes and social security contributions borne and collected by large Japanese companies for FY
More informationReport Documentation Page Form Approved OMB No Public reporting burden for the collection of information is estimated to average 1 hour per re
Testimony The Budget and Economic Outlook: 214 to 224 Douglas W. Elmendorf Director Before the Committee on the Budget U.S. House of Representatives February 5, 214 This document is embargoed until it
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report August 2015 Federal budget and fiscal policy figures Federal budget trends up to and including July
More informationMonthly Report of Prospects for Japan's Economy
Monthly Report of Prospects for Japan's Economy March 15 Macro Economic Research Centre Economics Department http://www.jri.co.jp/english/periodical/ This report is the revised English version of the February
More informationOntario Finances First Quarter Update
Ontario Finances 2015 16 First Quarter Update Contents A. 2015 16 Fiscal Outlook... 1 B. Details of In-Year Changes... 3 C. Ontario s Economic Outlook... 5 D. Economic Performance... 6 E. Details of Ontario
More informationDebt Management Systems
3 Debt Management Systems (1) System Fig.2-17 Mechanism of General Account Transfer Fixed-rate transfer Special transfer on tax reduction-related Special Deficit-financing Bonds Transfer of budgetary surplus
More informationWhite Paper on Local Public Finance, 2009
FY 2007 Settlement White Paper on Local Public Finance, 2009 - Illustrated - Ministry of Internal Affairs and Communications The Role of Local Public Finance The State of Local Public Finance (FY 2007
More informationRating Methodology for Local Public Bodies
Last updated: June 1, 2017 Rating Methodology for Local Public Bodies In rating a local public body, JCR assesses each local public body s tax-bearing capacity, fiscal conditions, fiscal management, and
More informationJapan Securities Dealers Association
Japan Securities Dealers Association Contents Securities Market in 2006 1 Member Firms 11 Performance of Securities Industry 14 Statistical Data 17 Securities Market in 2006 1) Economic Trend Securities
More informationSummary of Financial Results for the Fiscal Year Ended March 31, 2018 [Japan GAAP] (Non-Consolidated)
Summary of Financial Results [Japan GAAP] (Non-Consolidated) Listed internet infinity INC. Company: Code Number 6545 URL: http://iif.jp May 15, 2018 Stock Exchange Listing: Tokyo Stock Exchange Representative:
More informationTHE LONG-TERM SUSTAINABILITY OF PUBLIC FINANCE IN JAPAN. Yukihiro Oshika *
THE LONG-TERM SUSTAINABILITY OF PUBLIC FINANCE IN JAPAN Yukihiro Oshika * Introduction Compared to other advanced countries, the public finance of Japan is in the worst position in terms of debt level.
More informationConsolidated Balance Sheet
Financial Section Consolidated Balance Sheet As of March 31, 2016 and 2015 Assets Current assets: Cash and deposits 45,973 53,592 $ 410 Short-term investments 35,000 32,000 312 Notes and accounts receivable:
More informationSekisui Chemical Integrated Report Financial Section
Sekisui Chemical Integrated Report 2017 Financial Section Financial Section 77 Financial Highlights (6 years) 78 Consolidated Financial Statements 78 Consolidated Balance Sheet 80 Consolidated Statement
More informationRecent Economic Developments
Recent Economic Developments February 6, 19 Cabinet Office Government of Japan Contact for inquiries: Directorate General for Economic Research +81-3-6257-1567
More informationEconomic and Fiscal Projections for Medium to Long Term Analysis
Provisional Translation Economic and Fiscal Projections for Medium to Long Term Analysis February 12, 2015 Cabinet Office, Japan Projec tions are c onducted by the Cabinet Offic e s "Ec onomic and Fisc
More informationFinancial Results for the Fiscal Year Ended March 31, 2017
May 15, 2017 Financial Results for the Fiscal Year Ended March 31, 2017 (the Company ; President: Yuji Tokuoka) announces its financial results for the fiscal year ended March 31, 2017. [Contents] Financial
More informationForm Approved OMB No. 74- Report Documentation Page Public reporting burden for the collection of information is estimated to average hour per respons
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE An Analysis of the President s 24 Budget MAY 2 Form Approved OMB No. 74- Report Documentation Page Public reporting burden for the collection of
More informationConsolidated Financial Results for the Second Quarter of Fiscal Year 2018
October 30, 2018 Consolidated Financial Results for the Second Quarter of Fiscal Year 2018 Company name: DISCO Corporation Stock code number: 6146 (Tokyo Stock Exchange 1st Section) URL: http://www.disco.co.jp
More informationHitotsubashi university
1 Consumption tax increase in Japan Motohiro M t hi Sato S t Hitotsubashi university 2 Fiscal consolidation in Japan The government has proposed to gradually double the consumption by the i tax to 10 percent
More informationOperating Revenue Operating Profit Ordinary Profit
Financial Release for the Year Ended March 31, 2018 [Japanese Standards] (Consolidated) April 27, 2018 Hokkaido Electric Power Co., Inc. URL http://www.hepco.co.jp Code no: 9509 Tokyo Stock Exchange (1st
More informationFinancial Data Book. April 1, 2017 March 31, 2018
2018 Financial Data Book April 1, 2017 March 31, 2018 April 1, 2017 March 31, 2018 Contents SFH Financial Data (Consolidated) 1 Principal Indicators of Operating Performance 2 Consolidated Balance Sheets
More informationJAPAN POST INSURANCE Co., Ltd. and Subsidiaries Consolidated Balance Sheets
Consolidated Financial Statements JAPAN POST INSURANCE Co., Ltd. and Subsidiaries Consolidated Balance Sheets, and 2014 Yen (Note 1) 2014 ASSETS: Cash and deposits (Notes 3 and 24) 2,213,786 1,670,837
More informationFiscal 2010 Economic Outlook and Basic Stance for Economic and Fiscal Management
Provisional translation Fiscal 2010 Economic Outlook and Basic Stance for Economic and Fiscal Management January 22, 2010 Cabinet Decision 1. Japanese Economy for FY2009 The Japanese economy in FY2009
More informationAUGUST 2012 An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 Provided as a convenience, this screen-friendly version is identic
AUGUST 2012 An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 Provided as a convenience, this screen-friendly version is identical in content to the principal, printer-friendly version
More informationNOTICE REGARDING MITSUBISHI MOTORS CAPITAL RESTRUCTURING PLAN
November 6, 2013 Name of Company: Mitsubishi Motors Corporation Representative Director: President Osamu Masuko Code No.: 7211, First Section of the Tokyo Stock Exchange Contact: Yoshihiro Kuroi, Executive
More information(Note) Comprehensive income FYE3/14 2nd Qrtr 1,312 million yen (45.3%) FYE 3/13 2nd Qrtr 903 million yen (-%) Fully Diluted EPS
en-japan inc. 2nd Quarter FY March 2014 Earnings Announcement [Japan GAAP] (Consolidated) November 12, 2013 Company Name en-japan inc. Listing Exchanges Tokyo Stock Exchange (Jasdaq Market) Stock Code
More informationInterim Review (Financial Information)
Interim Review (Financial Information) For the Six Months ended Mizuho Financial Group, Inc. Financial Highlights of Mizuho Financial Group, Inc. (Consolidated) For the Six Months
More informationJapan s Public Pension: The Great Vulnerability to Deflation
ESRI Discussion Paper Series No.253 Japan s Public Pension: The Great Vulnerability to Deflation by Mitsuo Hosen November 2010 Economic and Social Research Institute Cabinet Office Tokyo, Japan Japan s
More informationAn explanation of the Financial Report of the US Government for fiscal year 2015
An explanation of the Financial Report of the US Government for fiscal year 2015 Prepared on behalf of the Peter G. Peterson Foundation November 2016 An explanation of the Financial Report of the US Government
More informationThe fiscal response to the currency crisis and the challenges ahead - Korea s experience
The fiscal response to the currency crisis and the challenges ahead - Korea s experience Chung Kyu Yung 1 1. Fiscal management and its impact after the currency crisis Fiscal position before the currency
More informationConsolidated financial results (Japanese accounting standards) For the 2nd quarter of the fiscal year ending September 30, 2018 (Q2 FY2018)
November 9,2018 Consolidated financial results (Japanese accounting standards) For the 2nd quarter of the fiscal year ending September 30, 2018 (Q2 FY2018) Company name: Hokuriku Electric Industry Co.,
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report April 2015 Federal budget and fiscal policy figures Federal budget trends up to and including March
More informationFinancial Section Non-Consolidated Balance Sheet Meiji Yasuda Life Insurance Company
Financial Section Non-Consolidated Balance Sheet Meiji Yasuda Life Insurance Company Millions of Yen As of March 31, 2008 and 2007 Millions of U.S. Dollars* FY2007 FY2006 FY2007 ASSETS Cash and deposits:
More information