3RD LD: Japan's corporate tax revenue worst for nearly 50 years in 1st half.TOKYO, Nov. 2 Kyodo (EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. : ADDING DETAILS) Japan's corporate tax revenue fell into the worst state for nearly 50 years in the first six months of fiscal 2009, hit by the global economic crisis, the Finance Ministry said Monday. The overall figure amounted to minus 1,307.53 billion yen for the April to September period, turning negative for the first time since fiscal 1960, when comparable data became available, the ministry said. The negative figure compares with the initial revenue projection of 10,544.00 billion yen in the year ending next March 31, raising the possibility the government will be forced to issue additional debt-covering bonds in the months ahead. Finance Minister Hirohisa Fujii said last month that the issuance of Japanese government bonds will most likely rise from the 44 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. yen initially projected in fiscal 2009 amid a sharp fall in tax revenue. During the period, tax repayments to companies with weaker-than-expected earnings results totaled 2,683.24 billion yen. Companies in Japan normally pay taxes before they finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... their annual earnings figures based on their projections. Such reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. from the ministry will take place if corporate earnings fall short of their earlier business projections. Overall general-account tax revenue in the first half of fiscal 2009 totaled 10,092.31 billion yen, down 24.4 percent from a year earlier. A cut in overtime wages and summer bonuses led personal income tax revenue to contract 14.7 percent to 5,547.26 billion yen. Overall tax revenue, initially estimated to reach around 46 trillion yen, could fall below 40 trillion yen for the first time since fiscal 1985 if the economy fails to pick up dramatically. To cover a possible shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. of about 6 trillion yen in tax revenue, the new issuance of government bonds could top 50 trillion yen for the first time ever. As for fiscal 2010, Prime Minister Yukio Hatoyama Yukio Hatoyama (鳩山由紀夫 Hatoyama Yukio) (born 2 February 1947 in Tokyo) is a politician of the Democratic Party of Japan representing the 18th district of Tokyo in the House of Representatives. has said he will try not to issue government bonds more than the 44 trillion yen planned by the previous government for the current fiscal year. In September alone, corporate tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. topped revenue by 25.93 billion yen and personal income tax dropped 13.4 percent from a year earlier to 763.73 billion yen. |
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