Glossary for Terms 7835 Public Finance Public finance Public finance refers to economic activities of the national government and local public bodies which raise financial resources by taxation, public debt, etc. and manage them and defray necessary expenses in order to satisfy public needs. Net total < Ministry of Finance Statistics Monthly > Net total refers to the total amount of revenues and expenditures in the general account and the special account minus (eliminating) amounts overlapping between accounts (including transfer of funds). General accounts The general accounts take in financial resources such as taxes etc., and defray fundamental expenses of the nation such as education, social security, national defense, and public works. Special accounts Special accounts are separate from general accounts and are set up only when specific undertakings are conducted or when specific funds are held and managed. Supplementary budget The supplementary budget supplements or modifies the original budget according to changes in situation. Contingency fund Contingency funds are expenses to cover unforeseeable budget shortfalls. Contingency funds can be disbursed under the responsibility of the Cabinet to cover any shortfall arising in expenditures after the budget is enacted or any new expenditure becomes necessary. Taxes Taxes are collected by the national government and local public bodies in conformity with laws in order to obtain financial resources for providing public services. They are classified either as national taxes or local taxes according to the collecting bodies of tax. 6 Foreign Trade, Balance of Payments and International Cooperation Index of foreign trade The figures show the value, price, and volume of imports and exports at a given point in time, where the value, price and volume of imports and exports in the base year are each set at 100. The present indices adopt 2020 as their base period. The amount indices are calculating the change in the amount of export and import by dividing the amount of export and import in comparison time by the amount of exports and imports in the base year. Unit value indices are computed by the Fisher-type formula, and the quantum indices are obtained by dividing the value indices by the unit value indices. Corporation tax Corporate tax is the tax imposed on a company's income. Inheritance tax Inheritance tax is a tax imposed on individuals who acquire property via inheritance or legacy at the market value of the property at the time of acquisition. Gift tax Gift tax is imposed on properties that tax payers acquire by gift. It supplements the inheritance tax by preventing people from attempting to take advantage of lifetime gifting to avoid the inheritance tax. Government bonds Government expenditures for a year should fundamentally be covered by tax and other revenues within that year, to satisfy expenditure demands that cannot be covered by these revenues, the government issues JGBs or carries out Borrowings. It is a bond the government issues by promising to pay a certain amount of money after a certain period of time. Fiscal investment and loan program Fiscal investment and loan program (FILP) represents the investment and lending operation by the Japanese Government, using funds from non-tax sources such as the issuance of the FILP bonds and dividends from the government-held shares. FILP complements the private sector by providing pump-priming money and contributes to the growth strategy of Japan. National properties National properties are those as prescribed by the National Property Act. As a rule, they are registered in the national property ledger, but the following properties are treated as exceptions and excluded from the registration: (1) properties for public use, such as roads, rivers, and beaches other than parks and open spaces, and (2) ordinary properties belonging to the general account, those let out for the use of prefectural roads or shi (cities), machi (towns) and mura (villages) roads. In principle, national properties are registered in the ledger based on their acquisition prices, but these values are revised every fiscal year in order to keep up with fluctuations in prices, etc. Local taxes Local taxes are classified either as prefectural taxes or shi (cities), machi (towns) and mura (villages) taxes. Inhabitant taxes (prefectural taxes and city, town and village taxes), motor vehicle tax, etc. Financial strength index This is an index of the fiscal capacity of local governments. It is the average value over the past three years of the figure obtained by dividing the standard fiscal revenue by the standard fiscal demand. The higher the fiscal capacity index, the larger the reserved funds for calculating the ordinary allocation tax and the more funds available. Future burden ratio The Future burden ratio is an index of the current outstanding balance of burden, including that of debts (local bonds) of the general account, etc. as well as other likely future payments, and represents the extent to which finances may be squeezed in the future. Livelihood investment Investments in municipal roads, streets, city planning, housing, environmental sanitation, welfare (including hospitals, nursing care services, national health insurance, nursing care insurance, medical services for elderly people, and public university hospitals), educational facilities, water supply, and sewerage. Industry investment Investments in national and prefectural roads, ports and harbours (including port and harbour development projects), airports, and industrial water. National taxes The tax paid to the government. For example, corporation tax, income tax, consumption tax, liquor tax, tobacco tax. Direct taxes The direct taxes comprise income tax, corporation tax, inhabitant tax, etc. of which taxpayers and tax-burden are identical. Indirect taxes The indirect taxes consist of liquor tax, consumption tax, tobacco tax, etc. of which taxpayers and tax-burden are not identical.
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