Society | Jul 03

Japan's tax revenue hits record 60.36 tril. yen in FY 2018

Japan's tax revenue hit a record 60.36 trillion yen ($557 billion) in fiscal 2018 on the back of higher wages and dividend payments, the Finance Ministry said Tuesday.

Tax revenue in the year through March increased 2.7 percent from a year earlier, surpassing a government estimate of 59.93 trillion yen, according to the ministry.

The previous highest amount of tax revenue collected came in fiscal 1990, at the end of the country's asset-inflated bubble economy, when the level was 60.11 trillion.

Following the global financial crisis in 2008, revenue plunged to 38.73 trillion yen in fiscal 2009, its lowest level in the post-bubble economy period.

In fiscal 2019, the government expects tax revenue of 62.50 trillion yen as a result of the planned consumption tax increase to 10 percent from the current 8 percent in October.

But it is uncertain whether corporate earnings, an important component of the entire tax revenue, will continue to grow amid escalating U.S.-China trade tensions.


MORE Society NEWS

Last year saw a record-breaking 1,963 prohibition orders issued in Japan under the Stalking Control Law, marking the highest number to date.

Currently, there's a rapid increase in individuals suffering from "spring fatigue." You might be affected without even realizing it.

The emergence of the Gifu butterfly, a harbinger of spring, has commenced once again this year in Fukuchiyama City, Kyoto Prefecture.

POPULAR NEWS

JAXA has announced the revival of the unmanned explorer "SLIM" following its successful hibernation after making Japan's first moon landing. The probe successfully endured a second lunar night, a period during which temperatures can drop to as low as minus 170 degrees Celsius.

As more people keep pets indoors, there has been a call for caution regarding unexpected pet behavior leading to fire accidents.

Seven-Eleven have extended the expiry date of its hand-rolled onigiri (rice balls), including salmon, plum, kelp, spicy cod roe, and tuna mayonnaise varieties.

The Japanese government finalized a new strategy on Wednesday aimed at the development of next-generation domestic aircraft, including initiatives for eco-friendly aviation technologies.

During a visit to Mie Prefecture, Princess Aiko, the daughter of Emperor Naruhito and Empress Masako, immersed herself in the rich tapestry of Japan's past at a museum within the sacred precincts of Ise Shrine on Wednesday morning.

FOLLOW US