Japan Annual Tax Revenues to Fall Over 2 T. Yen Short of Projection
Tokyo, Dec. 11 (Jiji Press)--The Japanese government's fiscal 2019 tax revenues are seen falling over 2 trillion yen short of its initial projection of 62.5 trillion yen, it was learned on Wednesday.
Corporate tax revenues have been slow to grow amid sluggish exports by domestic firms against the backdrop of prolonged U.S.-China trade friction.
The government's tax revenues are now seen totaling no more than 60.5 trillion for the year through next March, and may even fall below the fiscal 2018 level of 60.4 trillion yen, informed sources said.
To cover the possible tax revenue shortfall, the government plans to issue additional deficit-covering bonds worth around 2 trillion yen, the sources said.
It will be the first time in three years for the government to issue such additional bonds during a fiscal year.
[Copyright The Jiji Press, Ltd.]