Tax revenue will likely see a shortfall of some 2.7 trillion yen to 2.8 trillion yen for the current fiscal year, it was learned Wednesday -- a situation that makes the compilation of an extra budget increasingly likely.
Finance Minister Masajuro Shiokawa was quoted as telling the day's meeting of the Liberal Democratic Party's Research Commission on the Tax System that tax revenue for fiscal 2002 is likely to fall short of its initial budget estimate of 46.8 trillion yen by about 2.7 trillion yen to 2.8 trillion yen.
Shiokawa was explaining the current situation regarding tax revenues in the general account to the commission, which is to conclude tax system revisions for fiscal 2003 around mid-December, according to Hideyuki Aizawa, a senior politician who chairs the LDP's powerful tax commission.