Japan local tax revenues to plunge 10.6% in FY 2009+

TOKYO, Dec. 19 Kyodo -
Local government tax revenues in Japan are expected to plunge in fiscal 2009
ending March 2010 to 36,186 billion yen, down 4,284.3 billion yen, or 10.6
percent, from an original estimate for fiscal 2008, the Ministry of Internal
Affairs and Communications said Friday.
The plunge of more than 4 trillion yen would be the largest ever, led by a
sharp drop in corporate tax revenues amid the financial crisis and recession,
ministry officials said.
Local corporate tax revenues are expected to nose-dive by 4,021.5 billion yen,
or 41.2 percent, to 5,733.5 billion yen, accounting for most of the overall
decline.
Local tobacco tax revenues are projected to fall 5.6 percent to 1,041.8 billion
yen and automobile tax revenues 4.0 percent to 1,647 billion yen.
==Kyodo
2008-12-19 23:59:27