Japan’s tax revenue for the year ended March 31 will likely exceed the government’s estimate of 42 trillion yen ($537 billion), a finance ministry report showed.
The government had collected 36.9 trillion yen, or 88 percent of projected taxes for the year as of April 30, according to data released by the ministry today. Tax collection continues to the end of May, and last year 15 percent of the year’s total revenue was collected in that month.
Most Japanese companies close their books for the year at the end of March. Tax payments from these firms will be paid into the government treasury through the end of May.
The fiscal year is the third in which revenues have exceeded projections.