Japan FY ’21 Tax Revenues Seen Falling 9.5 Pct to 57.4 T. Yen
Tokyo, Dec. 21 (Jiji Press)--The Japanese government said Monday it estimates 57,448 billion yen in general-account tax revenues for fiscal 2021 starting next April, down 9.5 pct from the fiscal 2020 initial budget.
The drop stems mainly from plunging corporate and consumption tax revenues amid tough economic conditions due to the spread of the novel coronavirus.
According to the government’s draft budget for fiscal 2021, adopted Monday, corporate tax revenue is projected to plummet 25.4 pct to 8,997 billion yen.
The revenue is forecast to fall below 10 trillion yen for the second consecutive year after hovering around 10 trillion to 12 trillion yen from fiscal 2013.
With many workers facing salary cuts, the country’s income tax revenue is seen falling 4.4 pct to 18,667 billion yen.
[Copyright The Jiji Press, Ltd.]