The government said Friday that tax revenue in fiscal 2014 climbed to ¥54.0 trillion ($438.4 billion), the highest since 1993, thanks to a jump in corporate tax receipts and the first stage of the doubling of the consumption tax.
Revenue climbed 14.9 percent on year, up for the fifth year straight, the Finance Ministry said.
The total turned out to be ¥2.2 trillion higher than it projected in January, when it was compiling the supplementary budget for the year ended March 31.
Corporate income tax receipts grew 5.1 percent to ¥11.0 trillion, as major companies reported brisk performance thanks in part to the weakening of the yen.
In fiscal 2014, a tax surplus of about ¥1.6 trillion was generated, with at least half expected to be used to pay back government bonds as stipulated by law.
Receipts from the consumption tax, which was hiked to 8 percent from 5 percent in April 2014, soared 48.0 percent to ¥16.0 trillion, padded by higher tourist spending, a ministry official said, while individual income tax receipts expanded 8.1 percent to ¥16.7 trillion as the stock market jumped.
The next stage of the tax hike, which was delayed, will raise it to 10 percent.
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.