Japan’s Tax Revenue Falls 4.8%

Japan’s general-account tax revenue in the April-September period fell 4.8 percent from a year earlier to 15.95 trillion yen ($152 billion), the Finance Ministry said Tuesday.

The fall is attributable to a 6.9 percent fall in consumption tax revenue after the yen’s appreciation and cheap crude oil pushed down Japan’s imports in value terms, while revenue from corporate tax and individual income tax also decreased, according to the ministry.

Corporate tax revenue nearly halved from a year earlier to 313.57 billion yen due to large-size repayments to companies which had overpaid estimated tax. More companies are slated to pay taxes in the coming months.

“We will monitor future developments as the revenue drop is largely attributable to special factors,” a ministry official said.

Individual income tax revenue fell 4.0 percent to 7.48 trillion yen due to sluggish large-lot tax revenue on stock dividends, although tax revenue from salaries increased, according to the ministry.

via Mainichi

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