Japan Govt's General Account Surplus Plummets in FY 2019
Tokyo, July 2 (Jiji Press)--The Japanese government's net general-account surplus in fiscal 2019 shrank sharply to 700 billion yen from 1.3 trillion yen the year before, it was learned Thursday.
The fall in the year that ended in March reflects lower-than-expected tax revenue due to an economic slowdown triggered by the spread the novel coronavirus outbreak.
According to informed sources, fiscal 2019 tax income totaled 58.4 trillion yen, down 2 trillion yen from the previous year. Of the total, revenue from corporate tax stood at 10.8 trillion yen, down from 1.5 trillion yen.
Consumption tax revenue increased 700 billion yen to 18.4 trillion yen, thanks to the tax rate hike from 8 pct to 10 pct. However, the revenue failed to reach the government target due to sluggish consumption.
Meanwhile, nontax revenue, including surplus transferred from the Bank of Japan, stood 1.1 trillion yen higher than the government projection, while 1.8 trillion yen earmarked for spending was left unspent.
[Copyright The Jiji Press, Ltd.]