As the bond market grows more bearish amid fiscal concerns, tax revenue for FY2026 is running above forecast. The Ministry of Finance announced that tax revenue in July 2026 rose 12.4% year on year, while cumulative revenue from April through July increased 16.5%.
Tax revenue is growing faster than market expectations, even as the bond market responds to fiscal concerns. According to the Ministry of Finance announcement, FY2026 tax revenue is actually running well above forecast.
Tax revenue in July 2026 rose 12.4% year on year, marking double-digit growth on a monthly basis. Over the four months from April through July, it also increased 16.5% year on year.
The article reports the upside in tax revenue as a fact and highlights points of interest concerning the relationship between fiscal conditions and the market. The full article is available on a page for members.