The Japanese Finance Ministry indicated last Friday that it was expecting tax revenues for the fiscal year ending in March to fall roughly in line with expectations at 41.79 trillion yen.
According to a ministry official, tax revenues are likely to receive a boost from healthy company earnings, although tax breaks given for research and development and information technology investments that commenced last year may offset this.
The preliminary data shows that March revenue was down 6.4% from the previous year, with revenue for the year ending in March totaling 32.7 trillion yen, or 78% of the government’s forecast.
However, the official also noted that the final result will not be known until firms, which closed their books in March, make their tax payments in May.
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