Japan FY '25 Tax Revenues Seen Reaching Record 78.4 T. Yen

Tokyo, Dec. 27 (Jiji Press)--The Japanese government said Friday it estimates 78,440 billion yen in general-account tax revenues for fiscal 2025 starting next April, up 12.7 pct from the fiscal 2024 initial budget.

The tax revenues are expected to hit a record high for the sixth straight year.

Thanks to strong corporate earnings partly backed by the yen's weakening, the government expects corporate tax revenues to reach a record high for the first time in 36 years, exceeding those of fiscal 1989 during the height of Japan's asset-driven bubble economy.

According to the government's draft budget for fiscal 2025, adopted Friday, corporate tax revenue is projected to jump 12.9 pct to 19,245 billion yen.

The country's income tax revenue is seen soaring 30.1 pct to 23,287 billion yen, due in part to the absence of fixed-amount tax cuts that started in June this year.

[Copyright The Jiji Press, Ltd.]