A: Hey buddy! Guess what? Japan just hit another record with their tax revenue for this year!
B: No way, really? How much is it this time?
A: Oh man, it's at 75 trillion yen, which is about half a trillion dollars! That's quite a chunk of change.
B: Wow, that's impressive! So where does all the money come from?
A: Well, most of it comes from corporate and consumption taxes. Corporate tax revenue was up by more than 2 trillion yen this year, due to strong company earnings. Consumption tax also increased by about 1.9 trillion yen because of steady domestic spending and inflation.
B: That's interesting. But what about income tax? I thought that would be the biggest source of revenue.
A: Yeah, you'd think so, but it actually dropped this year by around 800 billion yen due to some tax cuts.
B: Oh, okay. So all in all, they got about 1.8 trillion yen more than their projections for the year.
A: Exactly! And if the trend continues, it could even be higher than what they're predicting for this fiscal year.
B: That sounds like a big deal. I wonder how the political parties will feel about all that extra cash.
A: Yep, it definitely is! They'll probably talk a lot about it during the upcoming Upper House election campaigning.
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Japan's tax revenue for fiscal 2024 reached a record high for the fifth consecutive year. The increase is attributed to higher corporate and consumption tax revenues.
The Finance Ministry announced on Wednesday that the general account tax revenue in the year through March reached 75.232 trillion yen, or about 523 billion dollars. The figure is up about 3 trillion yen from the previous fiscal year.
Corporate tax revenue grew more than 2 trillion yen to around 17.9 trillion yen on the back of strong earnings results.
Consumption tax revenue increased more than 1.9 trillion yen to about 25 trillion yen, reflecting steady domestic consumption and inflation.
Income tax revenue, on the other hand, dropped about 800 billion yen to roughly 21.2 trillion yen due to tax cuts.
The fiscal 2024 tax revenue is about 1.8 trillion yen more than the ministry's projection at the end of last year.
If the trend continues, tax revenue for this fiscal year could be higher than projections.
The issue could be a topic of debate among parties during the campaigning in the upcoming Upper House election.
B: No way, really? How much is it this time?
A: Oh man, it's at 75 trillion yen, which is about half a trillion dollars! That's quite a chunk of change.
B: Wow, that's impressive! So where does all the money come from?
A: Well, most of it comes from corporate and consumption taxes. Corporate tax revenue was up by more than 2 trillion yen this year, due to strong company earnings. Consumption tax also increased by about 1.9 trillion yen because of steady domestic spending and inflation.
B: That's interesting. But what about income tax? I thought that would be the biggest source of revenue.
A: Yeah, you'd think so, but it actually dropped this year by around 800 billion yen due to some tax cuts.
B: Oh, okay. So all in all, they got about 1.8 trillion yen more than their projections for the year.
A: Exactly! And if the trend continues, it could even be higher than what they're predicting for this fiscal year.
B: That sounds like a big deal. I wonder how the political parties will feel about all that extra cash.
A: Yep, it definitely is! They'll probably talk a lot about it during the upcoming Upper House election campaigning.
----------------
Japan's tax revenue for fiscal 2024 reached a record high for the fifth consecutive year. The increase is attributed to higher corporate and consumption tax revenues.
The Finance Ministry announced on Wednesday that the general account tax revenue in the year through March reached 75.232 trillion yen, or about 523 billion dollars. The figure is up about 3 trillion yen from the previous fiscal year.
Corporate tax revenue grew more than 2 trillion yen to around 17.9 trillion yen on the back of strong earnings results.
Consumption tax revenue increased more than 1.9 trillion yen to about 25 trillion yen, reflecting steady domestic consumption and inflation.
Income tax revenue, on the other hand, dropped about 800 billion yen to roughly 21.2 trillion yen due to tax cuts.
The fiscal 2024 tax revenue is about 1.8 trillion yen more than the ministry's projection at the end of last year.
If the trend continues, tax revenue for this fiscal year could be higher than projections.
The issue could be a topic of debate among parties during the campaigning in the upcoming Upper House election.
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Summary
Japan's fiscal 2024 tax revenue hit a new record, increasing by approximately 3 trillion yen. The rise is mainly due to increased corporate and consumption tax revenues. Corporate tax revenue grew by over 2 trillion yen, boosted by strong earnings, while consumption tax increased by about 1.9
Statistics
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ID: 918a6ff3-5840-4bc8-9263-1329a197b082
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20250702_21/
Date: July 2, 2025
Created: 2025/07/03 07:08
Updated: 2025/12/08 03:28
Last Read: 2025/07/03 07:43