Japan Corporate Income Hits Record 79.4 T. Yen

Tokyo, Oct. 31 (Jiji Press)--Income declared by companies in Japan that closed the books in fiscal 2021 to March this year grew 13.3 pct from the previous year to a record 79,479 billion yen, the National Tax Agency said Monday.

Brisk earnings at manufacturers and a pickup of "ryokan" Japanese-style inns and eating and drinking establishments contributed to the result.

Corporate income is "recovering from the impact of the coronavirus crisis," an agency official said.

Total declared tax increased 14.9 pct to 13,923.2 billion yen, although the figure was only some 75 pct of the record high marked for the year to June 1990 during the country's asset-inflated "bubble" economic boom. This is mainly because the basic corporate tax rate has fallen to 23.2 pct from 40 pct in 1989, according to the agency.

Of the overall 3,065,000 declarations, 35.7 pct came from profitable companies.

[Copyright The Jiji Press, Ltd.]