Japan FY 2022 tax revenue likely hit record, may reach 70 tril. yen

Japan’s annual tax revenue likely hit a record high for the third straight year in fiscal 2022 and may have reached the 70 trillion yen ($500 billion) mark for the first time, government data showed Thursday.

The rising trend reflects an increase in consumption tax revenue amid rising prices of every goods and companies paying more taxes on their income as the negative impact of the COVID-19 pandemic continues to wane.

Tax revenue finalized by the end of April for fiscal 2022, which ended in March, rose 8.1 percent from a year ago to 61.53 trillion yen, the largest-ever for the period, the Fin...