Tokyo Metropolitan Government has assisted the London Finance Commission set up by the London Mayor Boris Johnson to lobby for more devolved fiscal powers for the capital and other UK metro areas.
The City Centred campaign, set up by the Mayor, London Councils and the UK Core Cities, has now published its London Finance Commission – one year on report which includes a statement of support from Tokyo Governor Yoichi Masuzoe:
Metropolitan taxes, an own-source revenue of Tokyo, make up about 70 percent of Tokyo’s total revenue, and consist of corporate taxes (35 per cent), asset related taxes (29 per cent), individual inhabitant tax (18 per cent), and local consumption tax (nine per cent), among others. National treasury disbursements are only about six per cent of our revenues.
It goes without saying that true local autonomy can only be achieved when local governments are able to manage their finances and provide administrative services using their own powers and resources. To this end, I believe it essential for authority and revenue sources to be devolved to local governments.
Thanks to these valuable resources, the Tokyo Metropolitan Government is able to formulate long-term plans to support Tokyo’s citizens and companies. It should thus be the goal of all cities in the world to secure their own sources of revenue.
