TOKYO (Reuters) – The Japanese government’s tax revenue for last fiscal year came to 60.4 trillion yen (443.9 billion pounds), a record that exceeded the previous high registered in the 1990/91 towards the end of the bubble era, two government sources told Reuters.
The government had in December projected a revenue of 59.928 trillion yen for the fiscal year that ended in March 2019.
The higher-than-expected tax receipt resulted from income tax gains driven by wage growth and a rise in dividends, said the sources, who have direct knowledge of the matter. They spoke on condition of anonymity because they are not authorised to speak to media.
The record-high revenue is a positive development for the government, which is saddled with industrial world’s heaviest public debt burden at twice the size of its $5 trillion economy.
(Reporting by Takaya Yamaguchi; Writing by Tetsushi Kajimoto; Editing by Chang-Ran Kim)