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Japan s fresh virus emergency to cost economy 1 tril yen
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TOKYO (Reuters) - Japan’s tax revenues likely exceeded 60 trillion yen ($540 billion) to a record high in the year that ended in March despite the blow to the economy from the COVID-19 pandemic, two government sources told Reuters.
FILE PHOTO: People cross a street in Tokyo March 18, 2015. . REUTERS/Yuya Shino/File Photo
The bumper tax revenue could ease concerns about the coronavirus-hit to state coffers, possibly fuelling calls for further fiscal stimulus even though massive COVID-19 spending rolled out last year has added to the industrial world’s heaviest public debt burden.
The amount was bigger than the government’s initial estimate of 55.1 trillion yen and due largely to the boost to corporate profits from solid U.S. and Chinese economic recoveries, the officials said on condition of anonymity as they were not authorised to speak publicly.