Japan tax revenues highest since 2007

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - Japan's general-account tax revenue collected almost 47 trillion yen ($457 billion) during the 2013/2014 fiscal year, outstripping government expectations by reaching the highest level since fiscal 2007, the Nikkei reports, attributing the growth in both income tax and corporate tax revenue.



According to the Nikkei: "The weak yen lifted the value of exports in yen terms as well, boosting consumption tax and tariff revenue. And a surge in demand ahead of April's consumption tax hike lifted the take from tobacco."



Nikkei adds: "The government and ruling coalition will likely see calls for fiscal spending to create an environment conducive to plans to raise the sales tax from 8% to 10% in October 2015. Some in the government also hold that the extra business tax revenue from fiscal 2013 should go toward paying for a corporate tax cut planned for next fiscal year."



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