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THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2014)

THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2014)

(provisional translation)

 

THE MISSION AND POLICY GOALS OF THE MINISTRY OF FINANCE (FY2014)

 

1.

The Mission of the Ministry of Finance

2.

General Goals

3.

Policy Goals

Policy Goal 1: Maintain stable public finance.

Policy Goal 2: Realize fair and equitable taxation.

Policy Goal 3: Appropriate management of national government assets and liabilities.

Policy Goal 4: Maintain credit to the nation’s currency and credit.

Policy Goal 5: Maintain trade order and promote the sound development of trade.

Policy Goal 6: Promote Stable and sound development of the international financial system and economic and social development in developing countries.

Policy Goal 7~11: Ensure the appropriate management of corporations, operation, etc. under the jurisdiction of the Ministry of Finance.


1.The Mission of the Ministry of Finance

 

Maintain a stable, yet dynamic economy and a peaceful and prosperous society by managing the overall national finances through efficient and transparent administration in the interests of the people as taxpayers, and promote the sustainable growth of the world economy.

 

2.General Goals

 

General Goal 1. In light of the fact that Japan's fiscal situation is extremely severe, both when looked at in historical terms and in comparison with other countries, efforts should be made to continue the Comprehensive Reform of Social Security and Tax, and to achieve fiscal consolidation in both revenues and expenditures in accordance with the Medium-term Fiscal Plan, based on the fiscal consolidation target of halving debt as a percentage of GDP in the primary balance of both the central and local governments compared to the FY2010 level by no later than FY2015 and returning such debt to the black by no later than FY2020, and subsequently aiming to achieve stable reductions in debt as a percentage of GDP.

 

General Goal 2. While striving to achieve fiscal consolidation in terms of both revenue and expenditure, with a view to achieving the fiscal consolidation target in accordance with the Medium-term Fiscal Plan, the government will continue to promote the Comprehensive Reform of Social Security and Tax, as well as establishing a tax system that can adapt to changes in Japan's economic and social structure. Moreover, it will aim to take tax measures for urgent issues facing Japan.

 

General Goal 3. In light of Japan’s economic and financial situations as well as fiscal conditions, necessary funds are securely procured while at the same time minimizing the medium-to long-term funding costs through national debt management policy including formulation of JGB issuance plans based on close dialogue with the markets. In addition, in light of changes in the socioeconomic situation, the Fiscal Investment and Loan Program (FILP) should be used to provide an appropriate response to demand for funds to meet policy needs. Furthermore, effective utilization of national property should be pursued by, for example, promoting utilization of unused national land and optimal use of government buildings and housing, in collaboration with local governments and other parties.

 

General Goal 4. By appropriately ascertaining the current situation of the financial system, the stability of the financial system must be secured through financial crisis management based on the Deposit Insurance Act and other legislation together with efforts to develop and operate a financial safety net in cooperation with related organizations.  Also, efforts should be made to contribute to confidence in the currency system by ascertaining the state of currency circulation, taking measures to prevent counterfeiting and forgery, and smoothly supplying high-quality currency.

 

General Goal 5. In order to contribute to the sound growth of the Japanese economy, efforts should be made for sustainable development of the world economy, the stability and the enhancement of international financial systems, including those in Asia, economic and social development in developing countries, and orderly development of international trade through active engagement in international cooperation. Efforts should also be made to enhance Japanese firms for global business development.

 

General Goal 6. In pursuing General Goals 1 through 5, as well as responding to the disaster, efforts should be made to ensure appropriate fiscal and economic management, working in partnership with relevant organizations in order to materialize virtuous cycles of ending deflation, revitalizing the economy and achieving fiscal consolidation.

 

3.Policy Goals

 

Policy Goal 1: Maintain stable public finance.

 

1-1   Improve the efficiency and quality of public finance through prioritized allocations of budget.

 

1-2   Maintain necessary government revenue.

 

1-3   Improve transparency of enforcement of the budget, and maintain the proper enforcement of the budget.

 

1-4   Disclose the information of the nation’s fiscal conditions accurately by compiling the settlement of accounts.

 

1-5   Appropriately implement the operations for revenue and expenditure of the local governments, including the formulation of local government finance programs, and for the fiscal transfer between the national and local governments.

 

1-6   Establish and properly operate the fair, efficient, and transparent systems of public finance and accounting.

 

 

 

Policy Goal 2: Realize fair and equitable taxation.

 

2-1   Establish a tax system that can adapt to changes in Japan’s economic and social structure and respond to urgent issues, and engage in PR focused on the tax system.

 

2-2   Assess and collect national taxes fairly and equitably.

 

2-3   Promote the sound development of the alcoholic beverage industry.

 

2-4   Ensure the appropriate management of certified public tax accountants’ operations.

 

 

 

Policy Goal 3: Appropriate management of national government assets and liabilities.

 

3-1  Ensure stable and smooth issuance of Japanese Government Bonds and minimize medium-to long-term funding costs.

 

3-2   Respond accurately to demand for funding on the part of agencies implementing the necessary projects targeted by the FILP (Fiscal Investment and Loan Program), promote disclosure, and enhance check functions in relation to such agencies

 

3-3   Ensure the appropriate management and effective utilization of national property, and enhance provision of information.

 

3-4   Promote optimal use of government buildings and housing for central government officials.

 

3-5   Manage the treasury cash efficiently and accurately.

 

 

 

Policy Goal 4: Maintain credit to the nation’s currency and credit.

 

4-1   Ensure the smooth supply of the bank of Japan notes and the coins, and suppress the counterfeit or altered currency.

 

4-2   Set up and operate an appropriate financial safety net, and respond promptly and accurately to financial crises.

 

 

 

Policy Goal 5: Maintain trade order and promote the sound development of trade.

 

5-1   An appropriate tariff rate must be implemented, together with improvements to the customs system and other measures that take into account domestic and international economic conditions.

 

5-2   Promote the maintenance and strengthening of multifaceted free trade and economic partnerships, and promote smoother trade in customs-related fields.

 

5-3   It is necessary that customs duties be properly imposed and collected, smuggling of illegal drugs, firearms, and other anti-social contrabands be prevented, and convenience in customs procedures be improved.

 

 

 

Policy Goal 6: Promote stable and sound development of the international financial system and economic and social development in developing countries.

 

6-1   Ensure stability in foreign exchange markets, and enhance stability in international financial systems, including those in Asia, as well as ensuring their appropriate operation.

 

6-2   Promote a wide variety of international cooperation, including financial support and technical assistance, to help developing countries stably develop their economy and society.

 

6-3  Enhance Japanese firms for global business development.

 

 

 

Policy Goal 7~11: Ensure the appropriate management of corporations, operation, etc. under the jurisdiction of the Ministry of Finance.

 

7-1   Appropriate and efficient management of government financial institutions, etc. must be ensured.

 

8-1   Manage the sound operations of the earthquake reinsurance.

 

9-1   Create and manage the stable and efficient national public service mutual aid system, etc.

 

10-1   Ensure the appropriate management of the operations and organization of the Bank of Japan.

 

11-1   Promote the sound progress of the tobacco and salt industries, and ensure their appropriate management.

 

 

 

 

 

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