TOKYO, June 1 (Xinhua) -- Japan's tax revenue for the fiscal year that ended in March likely hit a record high for the third straight year and may have reached the 70-trillion-yen (500-billion-U.S. dollar) mark for the first time, local media reported on Thursday.
Tax revenue for fiscal 2022 (April 2022-March 2023) increased 8.1 percent from a year ago to 61.53 trillion yen, the largest-ever for the period, Kyodo News said citing data by the Finance Ministry.
While the fiscal year has already ended, the total tax revenue figure has yet to be finalized because many of the firms that closed their books at the end of March have still to pay all their taxes, said the report.
The rising trend reflects an increase in consumption tax revenue amid rising prices of goods and companies paying more taxes on their income as the negative impact of the COVID-19 pandemic continues to wane, according to Kyodo News. ■