Japan’s National Tax Revenues Expected to Hit Record ¥72 trillion Last Fiscal Year; Renewing Record for 4th Consecutive Year

The Yomiuri Shimbun

14:44 JST, July 2, 2024

National tax revenues for the fiscal 2023 general account are expected to have totaled approximately ¥72.1 trillion, a record high for the fourth consecutive year, according to government officials.

Contributing to the strong forecast is an increase in corporate and other tax revenues on the heels of robust corporate earnings.

It will be the second consecutive year for combined tax revenues to exceed ¥70 trillion, after fiscal 2022 when the total was ¥71.1374 trillion.

The Finance Ministry will release the results soon.

The ministry at the beginning of July announces total tax revenues for each fiscal year up to May. The announcement includes tax revenues from corporations, whose fiscal year ends in March.

As of last November, the ministry had been forecasting ¥69.611 trillion in total tax revenues for fiscal year 2023.

Of the three core taxes — income tax, consumption tax and corporate tax — the most recent forecast for corporate tax revenue is significantly higher than initially expected due to strong earnings growth driven by the depreciation of the yen and rising prices. The forecast for income tax revenue remained high, reflecting widespread wage hikes.