Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Terry Rose who wrote (3673)	11/30/1997 3:24:00 PM
From: lorne	Read Replies (2) \| Respond to of 116815

Hi Terry This story Japan Nov.30, can anyone explain how this might fit into the mess that Japan is in. Tax revenue shortfall looms ------------------------------------------------------------------------ Yomiuri Shimbun The Finance Ministry estimates tax revenue in fiscal 1997 will come to 57.5 trillion yen, about 300 billion yen less than the originally projected figure, due chiefly to sluggish growth in corporate tax revenue, ministry officials said Saturday. The ministry will revise the tax revenue downward in a supplementary budget draft it is expected to submit to the ordinary session of the Diet early next year. It now appears certain that an estimate of tax revenue for fiscal 1998 based on fiscal 1997 figures will fall short of the projected 60 trillion yen level, they said. The government is expected to face a severe shortage of revenue resource as soon as fiscal structural reforms are implemented. The government's reform bill cleared the Diet on Friday. Sluggish growth in tax revenue is also likely to affect the government's planned economic stimulus package. The officials said a succession of major corporations have been revising downward their midterm settlement of accounts for the period ending in September, as the nation's economy remains at a standstill. They said revenue from the consumption tax--which was raised from 3 percent to 5 percent in April--and from taxes on securities transactions was larger than expected, but not enough to cover the shortfall in corporate tax revenue. The officials said the ministry has unofficially concluded that the fiscal 1998 tax revenue estimate of 59.94 trillion yen projected in its report on the midterm fiscal outlook, a pillar of the government's fiscal structural reform plan, was overly optimistic. The ministry planned to decrease the issuance of deficit-covering bonds by 1.25 trillion yen in the fiscal 1998 budget in line with legislation on fiscal structural reform.