Japan’s tax collectors have raked in record-high revenue for the fourth-straight year. Much of the increase came from strong-performing companies.
Sources say tax revenue for fiscal 2023 totaled about 72 trillion yen, or about 446 billion dollars. It was the second year in a row for the figure to top 70 trillion.
The amount was also about 2 trillion yen higher than a government estimate issued in November last year when a supplementary budget was being compiled.
Corporate-tax revenue grew as export-oriented firms and other businesses reported strong results due to a weak yen.
Inflation was another factor. Higher prices pushed up revenue collected from the consumption tax.
Still, Japan continues to face a tight fiscal situation. The government issues bonds to cover a revenue shortfall.
Its fiscal 2023 budget, including the supplementary package, totaled over 127 trillion yen, or over 786 billion dollars.