Tax Revenue 2020

National Tax Revenue in 2020

Japan’s National tax revenue in fiscal year 2020 was about $549 billion (JPY60.82 trillion).

Japanese National tax revenue

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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Tax Revenue 2021

National Tax Revenue in 2021

Japan’s National tax revenue in fiscal year 2021 was about JPY67 trillion.

Japanese National tax revenue

As opposed to the expectation of most people, the entire revenue exceeded the budget about by 5%, thanks to increases of revenue in major tax items, turning out to be larger than expected as a result of firm business earnings despite the coronavirus pandemic.

Consumption tax was par on Income tax as the largest tax item among tax revenues in the year, respectively amounting to JPY21 trillion.
Next to those two major tax items, Corporation tax contributed JPY13.6 trillion a 20% increase from the year 2021.
Largely lagging behind those three major tax items, Inheritance tax and Gasoline tax generated JPY2.7 trillion and JPY2.0 trillion respectively.

Aside from the National tax, Japan also has the Local tax revenue totaling to JPY38 trillion in fiscal year 2021, including Individual Inhabitant tax amounting to JPY14 trillion, Fixed asset tax of JPY9 trillion and others.

☑Detailed service introduction.
☑Initial consultation.
☑Standard price brochure.

Please feel free to contact us.
TEL : +81-050-3748-0140
MAIL:info@yasuda-cpa.jp

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