(Update) Japan Tax Revenues Hit Another Record in FY 2024

   Tokyo, July 2 (Jiji Press)--The Japanese government's general-account tax revenues hit a record high for the fifth consecutive year in fiscal 2024, which ended last March, thanks to higher corporate and consumption tax revenues, the Finance Ministry said Wednesday.
   Overall tax revenues grew to 75,232 billion yen from 72,076.1 billion yen in fiscal 2023, compared with the government's November estimate for 73,435 billion yen.
   The ministry expects fiscal 2025 tax revenues to exceed the current estimate. Prime Minister Shigeru Ishiba plans to use the surplus to finance his plans to provide 20,000 yen to 40,000 yen of benefits per person as an inflation relief measure.
   In fiscal 2024, corporate tax revenues rose 12.9 pct from the previous year to 17,910.1 billion yen on the back of strong earnings, the highest level since fiscal 1990 during the height of the country's asset-driven bubble economy.
   Consumption tax revenues increased 8.4 pct to a record 25,021.2 billion yen because of higher prices.

(2025/07/02-19:20)

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