Japan Expense Account Spending Hits Record
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TOKYO — Japanese companies spent a record $32 billion on entertainment and gifts in 1988, more than the government plans to spend on defense next year, the National Tax Administration Agency reported Wednesday.
Total expense account spending rose by 8.7% from the previous high of $29 billion in 1987, said an agency official, speaking on condition of anonymity.
He said the agency estimated total expense account spending based on a survey of 57,599 of Japan’s 1,851,653 companies that closed their annual accounts in January, 1989.
The survey showed average expense account spending of 3 cents for every $7 in company income, the official said.
The government’s draft budget for the fiscal year beginning in April, 1990, allocates $29.1 billion for defense spending, up 5.5% from fiscal 1989.
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