Japan up for a possible record high tax revenues
Japan’s tax revenues likely climbed to a record high of more than 60 trillion yen ($540 billion) in the year that ended March despite pandemic-driven economic setbacks.
The boost to corporate profits from the U.S. and China’s economic recovery largely contributed to the gain that was higher than the Japanese government’s revenue forecast of 55.1 trillion.
Sales tax and income tax, exceeding initial estimates, also contributed to reaching more than the previous record of 60.4 trillion yen of the fiscal year that ended March 2019.
This was also supported by an increase in private consumption driven by steady employment and a rise in stock prices. Private consumption makes up more than half of the country’s economy.