Japan's Economics Minister, Heizo Takenaka has warned that tax cuts planned for next year to stimulate the country's ailing economy should not exceed one trillion yen.
Speaking in response to an earlier suggestion by Finance Minister, Masajuro Shiokawa that tax cuts of more than that amount could be necessary, Mr Takenaka warned that:
'Tax cuts should not go too far. If they went on too long, they would be meaningless. If we were to go too far over one trillion yen, later tax hikes would be very hard to take.'
Reports in the Japanese media have suggested that the government is considering introducing its tax reform package over a period of several years, with tax cuts to be implemented in 2003, and increases set to come into force in 2005.
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