Japan Tax Revenues to Reach 45.4 Trillion Yen

Japan’s tax revenues for fiscal 2013 through next March are likely to reach 45.4 trillion yen, about 2.3 trillion yen more than its January estimate, Finance Ministry officials said Friday.

A major reason behind the growth is that corporate tax revenues have been growing as the depreciation of the yen has helped companies improve their profits, the officials said. The country’s tax revenues are set to increase from a year earlier for the fourth straight year.

The added 2.3 trillion yen tax revenue would be utilized to fund an economic stimulus package scheduled to be finalized next week, aimed at avoiding a sharp economic downturn following the planned 3-percentage-point sales tax hike to 8 percent next April.

The government led by Prime Minister Shinzo Abe is expected to compile a supplementary budget for this fiscal year to finance the stimulus package.

via Mainichi

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