Economy

Corporate Income Reaches Record High in Fiscal 2021

Yomiuri Shimbun file photo
National Tax Agency in Central Gov’t Bldg. No.4, Chiyoda Ward, Tokyo, 2021.

Jiji Press

12:30 JST, April 1, 2023

TOKYO (Jiji Press) — Taxable corporate income in Japan in fiscal 2021 reached a record high of ¥75,580.8 billion, a National Tax Agency survey showed Thursday.

Taxable income at companies in the country that closed annual books in the year through March 2022 grew 18.5% from a year earlier to top the previous record of ¥69,745.6 billion marked in fiscal 2018, indicating corporate earnings’ recovery from a slump caused by the coronavirus crisis.

The amount of corporate tax collected for fiscal 2021 totaled ¥13,246.4 billion, up also 18.5%. But it came significantly lower than the all-time high of ¥17,748.4 billion logged in 1990, because of substantial tax cuts.

Those income figures were estimated based on tax returns filed by about 2.11 million companies nationwide.