TOKYO (Reuters) -Japan’s tax revenues likely hit a record for a fifth straight year in the fiscal year that ended in March due to robust corporate profits and rising inflation, the Nikkei newspaper reported on Tuesday.
The increase is likely to heighten calls among lawmakers to ramp up spending or cut tax ahead of an upper house election on July 20.
Tax revenues for fiscal 2024 will likely total 75.2 trillion yen ($522.51 billion), up from 72 trillion yen in the previous year, the Nikkei said without citing sources.
The amount exceeds an estimate made 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.
The Ministry of Finance is expected to announce the fiscal 2024 tax revenue amount later this week.
($1 = 143.9200 yen)
(Reporting by Leika Kihara)
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