Japan's tax revenues likely hit record high in fiscal 2024, sources say
The increase is likely to heighten calls among lawmakers to ramp up spending or cut taxes ahead of an upper house election on July 20.
Tax revenues for fiscal 2024 are likely to come to 75.2 trillion yen ($522.5 billion), up from 72 trillion yen the previous year, said the sources, who declined to be identified as the matter is still confidential.
The amount exceeds a Finance Ministry estimate issued last November by 1.8 trillion yen, which is not enough to pay for about 3.5 trillion yen needed to fund the ruling coalition's proposal to deliver blanket cash payouts.
Prime Minister Shigeru Ishiba told a broadcaster on Tuesday that he may consider tapping non-tax revenue to fund the measure, while stressing that issuing fresh deficit-financing bonds is not an option.
Ishiba's Liberal Democratic Party plans to give out 20,000 yen to each individual and an additional 20,000 yen to children as well as adult members of low-income households amid rising prices.
Of the 75.2 trillion yen in tax revenue, 2.3 trillion yen would be secured as surplus from the fiscal 2024 budget, according to the sources. Fiscal law stipulates that half the surplus money must be used to redeem debt.
The Ministry of Finance is expected to announce the fiscal 2024 tax revenue amount later this week. ($1 = 143.9200 yen)
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