Japan to Log 1st Tax Revenues Fall in 3 Years amid Epidemic
Tokyo, June 17 (Jiji Press)--The Japanese government's tax revenues for fiscal 2019, which ended in March, will be significantly lower than its projection of 60.2 trillion yen, due to the effects of the coronavirus epidemic, it was learned on Wednesday.
Annual tax revenues are now expected to fall back below 60 trillion yen, posting the first decrease in three years.
For fiscal 2019, the government initially estimated that its tax revenues would expand to a record 62.5 trillion yen. In the face of sluggish exports against the backdrop of U.S.-China trade friction, however, it lowered the estimate to 60.2 trillion yen in December.
Furthermore, the government has decided to allow businesses hit by the coronavirus crisis to defer tax payments until January 2021.
"Tax revenues (for fiscal 2019) are now certain to fall sharply," a senior Finance Ministry official said.
[Copyright The Jiji Press, Ltd.]