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Income Taxes (Tables)
12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income before Income Tax Expense by Jurisdiction
Income (loss) before income tax expense (benefit) by jurisdiction for the fiscal years ended March 31, 2022, 2023 and 2024 was as follows:
 2022
2023
(Restated)
2024
 (in millions)
Domestic income (loss) ¥(886,921)¥(588,227)¥611,036 
Foreign income828,194 1,036,449 1,271,558 
Total¥(58,727)¥448,222 ¥1,882,594 
Details of Current and Deferred Income Tax Expense (Benefit)
The detail of current and deferred income tax expense (benefit) for the fiscal years ended March 31, 2022, 2023 and 2024 was as follows:
 2022
2023
(Restated)
2024
 
(in millions)
Current:     
Domestic¥243,993 ¥250,780 ¥106,951 
Foreign112,164 200,669 301,493 
Total356,157 451,449 408,444 
Deferred:
Domestic(308,214)(348,997)88,339 
Foreign(62,454)(61,278)4,784 
Total(370,668)(410,275)93,123 
Income tax expense (benefit)(14,511)41,174 501,567 
Income tax expense (benefit) reported in Accumulated OCI relating to:
Investment securities(87,628)(60,071)32,665 
Debt valuation adjustments10,296 7,858 (19,707)
Derivatives qualifying for cash flow hedges(4,968)(2,142)(84)
Defined benefit plans19,039 (10,341)170,175 
Foreign currency translation adjustments96,742 86,576 156,027 
Total33,481 21,880 339,076 
Total¥18,970 ¥63,054 ¥840,643 

Prior to the fiscal year ended March 31, 2023, the MUFG Group filed tax returns on a consolidated basis for corporate income taxes within Japan, and from the beginning of fiscal year ended March 31, 2023, the MUFG Group applied the Group Tax Sharing System, where the calculation of taxable income or loss is still made based upon the combined profits or losses of the parent company and its wholly-owned domestic subsidiaries, but the tax payments are made by each of these companies.
Reconciliation of Effective Income Tax Rate
A reconciliation of the effective income tax rates reflected in the accompanying consolidated statements of operations to the combined normal effective statutory tax rates for the fiscal years ended March 31, 2022, 2023 and 2024 is as follows:
 2022
2023
(Restated)
2024
Combined normal effective statutory tax rate30.6 %30.6 %30.6 %
Nondeductible expenses(12.0)1.1 0.4 
Impairment of goodwill— 2.2 — 
Foreign tax credit and payments28.7 (6.9)0.9 
Lower tax rates applicable to income of subsidiaries30.8 (4.1)(1.5)
Change in valuation allowance(90.1)(1.3)(1.4)
Taxation for gain on sale of shares in subsidiary— 5.0 
(1)
— 
Nontaxable dividends received85.1 (21.7)(4.1)
Undistributed earnings of subsidiaries(25.6)(0.4)0.9 
Tax and interest expense for uncertainty in income taxes(10.8)— — 
Noncontrolling interest income (0.7)0.4 0.6 
Effect of changes in tax laws(2.4)0.9 — 
Expiration of loss carryforward(7.0)0.2 0.1 
Other—net(1.9)3.2 0.1 
Effective income tax rate24.7 %9.2 %26.6 %

Note:
(1)In March 2023, MUAH repurchased a portion of the shares in MUAH held by MUFG and MUFG Bank. The transaction resulted in the realization of a difference between the book value of the shares in MUAH for accounting and tax purposes, resulting in a ¥22,250 million increase in income tax expense and a 5.0 percentage points increase in the effective tax rate for the fiscal year ended March 31, 2023.
Components of Net Deferred Tax Assets The tax effects of the items comprising the MUFG Group’s net deferred tax assets at March 31, 2023 and 2024 were as follows:
 20232024
 
(in millions)
Deferred tax assets:   
Allowance for credit losses¥418,732 ¥456,512 
Operating loss carryforwards99,870 91,893 
Loans561 — 
Accrued liabilities and other413,587 383,888 
Premises and equipment119,395 122,682 
Derivative financial instruments303,644 528,280 
Obligations under operating leases88,088 86,146 
Valuation allowance(153,053)(130,948)
Total deferred tax assets¥1,290,824 ¥1,538,453 
 20232024
 
(in millions)
Deferred tax liabilities:   
Investment securities (including trading account assets at fair value under the fair value option)379,581 728,752 
Loans— 1,936 
Intangible assets65,973 73,942 
Lease transactions12,514 11,619 
Defined benefit plans50,730 221,796 
Investments in subsidiaries and affiliates639,592 838,033 
Right-of-use assets of operating leases64,741 60,199 
Other103,915 72,981 
Total deferred tax liabilities1,317,046 2,009,258 
Net deferred tax liabilities¥(26,222)¥(470,805)
Operating Loss Carryforwards and Tax Credit Carryforwards Such carryforwards, if not utilized, are scheduled to expire as follows:
 
Operating loss
 carryforwards
 
Tax credit
 carryforwards
 (in millions)
Fiscal year ending March 31:   
2025¥84,613 ¥622 
202653,952 169 
2027551 170 
2028688 161 
202914,585 352 
20302,666 160 
2031 and thereafter7,006 18,120 
No definite expiration date29,980 1,776 
Total¥194,041 ¥21,530 
Roll-forward of Unrecognized Tax Benefits
The following is a roll-forward of the MUFG Group’s unrecognized tax benefits for the fiscal years ended March 31, 2022, 2023 and 2024:
 202220232024
 
(in millions)
Balance at beginning of fiscal year¥13,829 ¥21,794 ¥25,400 
Gross amount of increases for current year’s tax positions28 451 32 
Gross amount of increases for prior years’ tax positions6,320 279 — 
Gross amount of decreases for prior years’ tax positions(183)(166)(16,719)
Decreases due to lapse of applicable statutes of limitations(8)(116)— 
Foreign exchange translation and other1,808 3,158 1,808 
Balance at end of fiscal year¥21,794 ¥25,400 ¥10,521 
Roll-forward of Interest and Penalties Recognized The following is a roll-forward of the interest and penalties recognized in the accompanying consolidated financial statements for the fiscal years ended March 31, 2022, 2023 and 2024:
 202220232024
 
(in millions)
Balance at beginning of fiscal year¥2,417 ¥2,848 ¥2,167 
Total interest and penalties in the consolidated statements of operations156 (1,052)(1,218)
Total cash settlements, foreign exchange translation and other275 371 311 
Balance at end of fiscal year¥2,848 ¥2,167 ¥1,260 
Status of Years under Audit or Open to Examination by Major Tax Jurisdictions The following are the major tax jurisdictions in which the MUFG Group operates and the status of years under audit or open to examination:
JurisdictionTax years
Japan2022 and forward
United States—Federal2019 and forward
United States—California2016 and forward
Indonesia2018 and forward