Tax revenues surged 21.5 percent in January from a year earlier to ¥4.110 trillion on the back of a growth in recipients from taxes on capital gains, the Finance Ministry said Monday.
Revenues from withholding income tax jumped 40.8 percent to ¥2.267 trillion, as many investors sold stocks in December before the end of special tax breaks on equity investment at the end of 2013, a ministry official said.
Income tax levies on capital gains in 2013 were paid to the government in January through brokerages. The special tax breaks have led to a doubling of tax rates on capital gains and dividends to 20 percent from 10 percent.
Recipients from total individual income tax, including self-assessed income tax, climbed 40.6 percent to ¥2.283 trillion in January and those from consumption tax were up 7.6 percent to ¥829.53 billion, while corporate income tax revenues fell 11.2 percent to ¥180.94 billion.