Japan Tax Revenue to Top 80 T. Yen for 1st Time in FY 2025

Tokyo, Nov. 26 (Jiji Press)–The Japanese government’s general-account tax revenue is set to reach around 80.7 trillion yen in fiscal 2025, topping 80 trillion yen for the first time, it was learned Wednesday. The figure is around 2.9 trillion yen higher than the initially estimated 77,819 billion yen, reflecting higher income tax revenue as wage increases spread. The estimate was revised in line with the compilation of a supplementary budget for the fiscal year ending next March, which will finance an economic package recently adopted under Prime Minister Sanae Takaichi. The updated estimate also reflects a revenue loss from the abolition of the provisional gasoline tax surcharge. As the supplementary budget is expected to call for spending of around 17.7 trillion yen, the government is expected to issue more than 11 trillion yen in additional government bonds. This will significantly increase the annual issuance of government bonds from the initially planned 28,647.1 billion yen. Still, the government aims to keep the total below the fiscal 2024 level of 42.1 trillion yen. END [Copyright The Jiji Press, Ltd.]