• Kyodo News

  • SHARE

Tax revenues sank 10.4 percent in January from a year earlier to ¥3.56 trillion on continued plunges in corporate tax receipts amid the sharp economic downturn, the Finance Ministry said Monday.

Corporate tax revenues tumbled 30.4 percent to ¥221.93 billion due to falling profits of companies affected by the rapidly worsening global economy.

Personal income tax revenues slid 13.8 percent to ¥1.8147 trillion as levies on capital gains through stock transactions dropped sharply with the slumping stock market.

Consumption tax revenues gained 3.2 percent to ¥786.04 billion, with the amount of refunds for the tax declining amid falling exports and corporate capital investment.

Export transactions and business fixed investment are exempt from the consumption tax. Exporters and businesses can get refunds for the amount of the consumption tax they paid for goods for exports and capital spending.

In other areas, liquor tax revenues dipped 9.8 percent to ¥115.80 billion while tobacco tax receipts slipped 5.9 percent to ¥81.16 billion.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW