August tax revenues dive 17.4%

Tax revenues in August tumbled 17.4 percent from a year earlier to 4.25 trillion yen, down for the 12th consecutive month, largely due to a decline in taxes on maturing long-term postal savings.

The August figure brought cumulative tax revenues since the beginning of fiscal 2002 to 10.88 trillion yen, down 19.1 percent from the same period a year earlier.

Income tax revenues in August plunged 34.1 percent to 1.34 trillion yen, mostly due to the decline in revenues from the tax on postal savings. Revenue from taxes withheld from wages dropped 34.4 percent to 1.3 trillion yen, while that from taxes on declared income fell 21.2 percent to 30.39 billion yen.

Corporate tax revenues fell 17.7 percent to 545.23 billion yen.

Revenue from the consumption tax declined 2.8 percent to 1.56 trillion yen, while that from the inheritance tax fell 1.2 percent to 120.07 billion yen.

Overall tax revenue for fiscal 2002 is projected at 46.82 trillion yen.