Japan FY 2021 Tax Revenues Hit Record 67 T. Yen
Tokyo, July 5 (Jiji Press)--The Japanese government's tax revenues for fiscal 2021, which ended in April, totaled 67,037,885 million yen, hitting a record high for the second consecutive year, the Finance Ministry said Tuesday.
Corporate tax revenues rose as profits grew due to a global economic recovery from the pandemic and the yen's depreciation. Income tax revenues were also solid thanks to higher wages.
The government had initially expected tax revenues to total 57,448 billion yen. It raised the forecast to 63,880 billion yen late last year.
Corporate tax revenues increased 21.4 pct from the previous year. Large companies saw their profits grow as exports from automakers and steelmakers expanded thanks to the yen's weakness.
Income tax revenues gained 11.4 pct due to improving employment conditions and higher dividend income.
[Copyright The Jiji Press, Ltd.]