Japan tax revenues likely at record high

Stimulus packages: Japanese national flags are printed at a factory in Miyoshi. Japan has rolled out three stimulus packages totalling US$3 trillion (RM12.46 trillion) over the past year to battle the health and economic crisis. — Bloomberg

TOKYO: Japan’s tax revenues likely exceeded 60 trillion yen (US$540bil or RM2.3 trillion) to a record high in the year that ended in March despite the blow to the economy from the Covid-19 pandemic, two government sources told Reuters.

The bumper tax revenue could ease concerns about the coronavirus-hit to state coffers, possibly fuelling calls for further fiscal stimulus even though massive Covid-19 spending rolled out last year has added to the industrial world’s heaviest public debt burden.