Japan Tax Revenue Hits a Record 60.8T Yen Despite Pandemic

Japan took in a record 60.8 trillion yen (about $550 billion) in tax revenues for the year ended March 2021, the finance ministry reported Monday.

Revenues exceeded the 55.1 trillion yen the government had forecast and edged out a previous record of 60.4 trillion yen set in fiscal 2018.

Corporate tax income rose to 11.2 trillion yen from 10.8 trillion yen a year earlier, while sales tax revenues gained to 21 trillion yen from 18.4 trillion yen, boosted by an increase in the consumption tax to 10% in October 2019.

While better-than-expected tax revenue is welcome news for Japan, ...