Vice Finance Minister Toshiro Muto said Thursday tax revenues for the current fiscal year may be lower than the government's 50.73 trillion yen estimate due to the deteriorating economy.
"The economy has recently been deteriorating . . . and that has a negative impact on tax receipts," Muto told a regular news conference.
The ministry will not be able to make a projection until after mid-October, when many firms report their earnings for the fiscal first half, he said. Major domestic corporations, notably those in information technology sectors, are expected to report dismal half-year earnings.
According to the latest data, tax revenues from the start of fiscal 2001 through June came to 3.691 trillion yen, up 8.5 percent from the same period in fiscal 2000.