Japan’s tax revenue for fiscal 2012 totaled 43.93 trillion yen ($440.7 billion), the highest since fiscal 2008 when the global financial crisis started to weigh on the country’s economy, the Finance Ministry said Wednesday.
Tax revenue for the year ended this past March rose 2.6 percent from the previous year and exceeded the government’s earlier estimate of 42.61 trillion yen, announced when it compiled a supplementary budget for the last fiscal year in January.
The nation’s overall tax revenue increased due mainly to growth in corporate tax, as company earnings were spurred by the weaker yen and bolstered by higher returns from stock investments amid Prime Minister Shinzo Abe’s economic policies dubbed “Abenomics,” centering on drastic monetary easing, a ministry official said.
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