Japan's tax revenues down 11.1% in Jan.
Japan's tax revenues in January fell 11.1% from a year earlier to 2,893.75 billion yen, as smaller winter bonus payments for public servants and company workers pushed down income tax revenues, the Finance Ministry said Monday.
But the ministry maintained its view that tax revenue collection is proceeding at the projected pace. Cumulative tax revenues since the April 1 start of fiscal 2003 stood at 26,902.81 billion yen, down 2.7% from a year earlier.
''We believe that tax revenue collection is proceeding at a good pace,'' a ministry official said. ''The progress suggests that we are on our way to reaching roughly our projected amount for the entire year.''
The total for the April-January period was 64.4% of the 41,786.00 billion yen in revenues projected for the full fiscal year. That was up from an average 63.5% of projected amounts in the past five years, the ministry official said.
Income tax revenues fell 21.9% from a year earlier to 1,426.73 billion yen, after tax withheld from wages fell 22.3% to 1,406.50 billion yen due to the decline in winter bonus payments, the official said.
But corporate tax revenues jumped 26.7% from a year earlier to 265.07 billion yen, reflecting a boost in profits for Japanese companies.
The official said, however, that tax cuts for companies are likely to push down corporate tax revenues in the months ahead.
Liquor tax revenues fell 1.2% to 137.84 billion yen due to the continued drop in beer sales, according to the official.
Tobacco tax revenues rose 11.4% to 89.24 billion yen, due to a tax hike implemented last year, the official said.
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|Publication:||Japan Weekly Monitor|
|Date:||Mar 9, 2004|
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