Japan Tax Revenues Hit Record 60.8 T. Yen in FY 2020
Tokyo, July 5 (Jiji Press)--Japan's national tax revenues totaled 60,821.6 billion yen for fiscal 2020, hitting a record high for the first time in two years, the Finance Ministry said Monday.
The new record, topping the previous record of 60,356.4 billion yen, set in fiscal 2018, was chiefly attributed to the consumption tax rate hike to 10 pct from 8 pct in October 2019, in the middle of fiscal 2019.
Consumption tax revenues expanded 2,618.7 billion yen from fiscal 2019 to 20,971.4 billion yen in fiscal 2020.
Of the country's three basic taxes, also including income and corporate taxes, consumption tax became the largest revenue source for the first time.
Income tax revenues increased 19.1 billion yen to 19,189.8 billion yen, with a rise in revenues from taxation on capital gains and others offsetting a fall in those from taxation on salaries and dividends.
[Copyright The Jiji Press, Ltd.]