Japan govt tax income seen at 17-year high of US$435b in FY2014/15

[TOKYO] Japan's tax revenue is likely to hit around 51.5 trillion yen (US$435 billion) in the current fiscal year to March, overshooting its initial estimate due to higher receipts from corporate profits, a government source said on Monday.

The amount would compare with 50 trillion yen initially estimated by the government when it compiled this fiscal year's budget late last year, with the increased income going towards an economic stimulus plan.

It would be the highest tax income in the government's general-account budget since fiscal 1997/98 when it hit 53.9 trillion yen.

The government plans to craft an economic package worth 2-3 trillion yen to help small firms and households cope with the pain a sales tax hike and higher import costs caused by a weak yen, government officials said.

REUTERS