Japan's 2021 Tax Revenue Surpasses $502B

Japan's tax revenue in fiscal 2021 is likely to surpass 65 trillion yen ($502 billion) for a record high as revenues from corporate and other key taxes are expected to expand amid the economic recovery from the coronavirus pandemic, government sources said late on Wednesday, Mainichi Japan reported.

Photo Insert: The latest data by the Finance Ministry showed Wednesday that the fiscal 2021 tax revenue as of the end of April stood at 56.93 trillion yen, up 14.3 percent from a year earlier.

While corporate tax revenue for the year that ended March has so far increased 20 percent from a year earlier, income tax and consumption tax are also forecast to grow and boost the overall revenue to mark a record for the second straight year, Kyodo News also reported.

The fiscal 2021 tax revenue is seen to top the government projection of 63.88 trillion yen estimated late last year, with the surplus expected to be used to finance a possible extra budget to be compiled after the House of Councilors election slated for this summer.

The latest data by the Finance Ministry showed Wednesday that the fiscal 2021 tax revenue as of the end of April stood at 56.93 trillion yen, up 14.3 percent from a year earlier.

After taking into account tax payments in May by companies that closed their books in March, the final result will be released by the ministry in July.

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