In a television interview on Sunday, Japan's Financial Services Minister, Heizo Takenaka suggested that the government needs to reduce taxes by as much as 2.5 trillion yen ($20.4 billion) in order to boost the struggling economy.
Speaking on NHK Television, he revealed that: 'Some of the Council of Economic Fiscal Policy members have suggested 2.5 trillion yen - I would like to secure cuts of this size.' Mr Takenaka went on to urge that these tax cuts be focused on corporate tax reductions and cuts in taxes paid on stock transactions, according to Bloomberg News.
Speaking with regard to the supplementary budget proposals unveiled by Prime Minister, Junichiro Koizumi last week, the Financial Services Minister observed that although the extra budget of 5 trillion yen represents 'a bare minimum', it should be enough to revive the economy somewhat. However, he added that it should be seen as part of a wider package of measures to stimulate growth.
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