Japan posts record high tax revenue in fiscal 2024 for fifth straight year
The Finance Ministry announced on Wednesday that the general account tax revenue in the year through March reached 75.232 trillion yen, or about 523 billion dollars. The figure is up about 3 trillion yen from the previous fiscal year.
Corporate tax revenue grew more than 2 trillion yen to around 17.9 trillion yen on the back of strong earnings results.
Consumption tax revenue increased more than 1.9 trillion yen to about 25.2 trillion yen, reflecting steady domestic consumption and inflation.
Income tax revenue, on the other hand, dropped about 800 billion yen to roughly 21.2 trillion yen due to tax cuts.
The fiscal 2024 tax revenue is about 1.8 trillion yen more than the ministry's projection at the end of last year.
If the trend continues, tax revenue for this fiscal year could be higher than projections.
The issue could be a topic of debate among parties during the campaigning in the upcoming Upper House election.
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