The ruling Liberal Democratic Party and its coalition partners reached a basic agreement Wednesday on a final draft of their annual tax code revisions for fiscal 2001 that features steps to support the nation's fragile economic recovery through tax breaks totaling some 177 billion yen.
The LDP, New Komeito and the New Conservative Party are set to formally adopt the tax reform package today, one day behind schedule, due to the need for further discussion of the details, LDP officials said.
"The basic content of the draft version has been completely agreed upon by the three parties," said Sohei Miyashita, chairman of a subcommittee of the LDP's Tax System Research Commission.