Japan seen reaping record tax revenues in fiscal 2024, Reuters reports

Japan will likely see tax revenues hit a fresh high for the fifth straight year in the current fiscal year ending in March 2025, four government sources told Reuters.

The government will tap the additional revenues to fund part of a 13.9 trillion yen ($91.7 billion) spending package aimed at cushioning the blow to households from rising living costs.

It will also issue new government debt exceeding 6 trillion yen, the people said, declining to be identified because the information is not public.

Total nominal tax revenues for the current fiscal year, initially estimated at 69.6 trillion yen, will likely increase to around 73.4 trillion yen due to robust corporate profits and rising inflation, the sources said.