Tokyo expects tax revenue at 25-year high of 57.6t yen

Tokyo

JAPAN's government is set to estimate tax revenue at a 25-year high of 57.6 trillion yen (S$671.3 billion) in fiscal 2016, helped by rising corporate profits, when it prepares the biggest-ever annual budget next week, sources told Reuters.

The draft budget for the next fiscal year is expected to rise to 96.7 trillion yen, up from the current year's initial plan worth 96.3 trillion yen, reflecting rising social welfare costs as well as military outlays, the sources told Reuters on condition of anonymity because the plan has not been finalised.