Japan fiscal year 2019-20 tax revenue to undershoot government's estimate by over 2 trillion yen – Nikkei

© Reuters. Japan fiscal year 2019-20 tax revenue to undershoot government’s estimate by over 2 trillion yen – Nikkei

TOKYO (Reuters) – Japan’s government is expected estimate that tax revenue will undershoot its initial forecast by around 2.3-2.5 trillion yen in the current fiscal year to March 2020 due to a slowdown in exports caused by the U.S.-China trade war, the business daily reported on Tuesday.

The government will issue additional deficit-covering bonds worth around 2 trillion yen in the current fiscal year to make up for a tax revenue shortfall, it said, without citing sources.

The government initially estimated this fiscal year’s annual tax revenue at a record high of 62.5 trillion yen when it compiled its annual budget a year ago. Additional deficit-covering bond issuance would make it harder to achieve its budget-balancing target by the fiscal year end to March 2026.

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