National Tax Revenue in 2020
Japan’s National tax revenue in fiscal year 2020 was about $549 billion (JPY60.82 trillion).
As opposed to the expectation of most people, the entire revenue exceeded the budget about by 10%, largely thanks to a Corporation tax increase, turning out to be larger than expected as a result of firm business earnings despite the coronavirus pandemic.
Consumption tax became the largest contributor to overall tax revenue in the year through March, JPY21 trillion, reflecting the full effect of the 2% tax rate increase from 8% to 10% in October 2019.
Next to Consumption tax, Income tax contributed JPY20 trillion including withheld amount of JPY16 trillion.
Largely lagging behind those two major tax items, Corporation tax generated JPY10 trillion, followed by Inheritance tax and Gasoline tax each of them amounting to approximately JPY2 trillion.
Aside from the National tax, Japan also has the Local tax revenue totaling to JPY38 trillion in fiscal year 2020, including Individual Inhabitant tax amounting to JPY13 trillion, Fixed asset tax of JPY9 trillion and others.
For fiscal 2021 through next March, the government expects the National tax revenue of 57.45 trillion yen.
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