Japan’s fiscal year 2022 tax revenue hit a record 71.1 trillion yen ($491.5 billion).

As the Japanese economy continues to recover from Covid-19, tax revenue for the last fiscal year posted its highest level to date.

According to updated data from the Ministry of Finance, Japan’s tax revenue for fiscal year 2022, which covers April 2022 to March 2023, exceeded 70 trillion yen for the first time. Consequently, the tax revenue for fiscal year 2022 was recorded at 71.1 trillion yen ($491 billion).

This was the highest tax revenue in Japan. Tax revenue for fiscal year 2022 increased 6.1 percent compared to fiscal year 2021.

THE TAX PAID BY COMPANIES INCREASES AFTER THE LOSS OF VALUE OF THE YEN

It has been reported that the increase in prices of daily consumer goods due to the Covid-19 outbreak led to an increase in excise tax revenue during the fiscal year.

It was observed that Japanese companies, which increased their export figures after the depreciation of the national currency and against the foreign currency, paid higher corporate taxes. (AA)