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ECONOMY

Japan FY 2020 tax revenue likely hits record high

  • June 30, 2021
  • , Jiji Press , 9:47 p.m.
  • English Press

Tokyo, June 30 (Jiji Press)–The Japanese government’s tax revenue is believed to have hit a record high of around 60.8 trillion yen in fiscal 2020 despite the fallout from the novel coronavirus, informed sources said Wednesday.

 

The figure for the year through March is believed to have outpaced the present record of 60.4 trillion yen marked in fiscal 2018 and 60.1 trillion yen scored in fiscal 1990 around the peak of an asset-driven economic boom.

 

According to an estimate released in December last year, the government projects 55.1 trillion yen in tax revenue for fiscal 2020. In fiscal 2019, tax revenue totaled 58.4 billion yen.

 

The government received larger-than-expected amounts of corporate tax because corporate performance did not worsen as much as forecast. An overseas economic recovery helped buoy manufactures including automakers.

 

Also, the consumption tax hike to 10 pct from 8 pct in October 2019 was reflected in the fiscal 2020 tax revenue for the first time on a full-year basis.

 

The government estimates its fiscal 2021 tax revenue at 57.4 trillion yen.

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