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2. Strengthening the financial situation

(1) In line with the "On the Promotion of Financial Structural Reform"(cabinet decision, June 3,'97), special loans; such as financial aid loans and loans from the special account for local allocation tax, etc., will be reduced by \500 billion.

 

・Financial aid loans \1,890 billion (growth △\100 billion)

・Loans supplementing reduced tax revenue  \624 billion (growth △\576 billion).・Loans from the special account for local allocation tax \1,946 billion (growth \177 billion)

TOTAL \4,460 billion (growth △\499 billion)

 

(2) Reduction of ordinary loans \8,516 billion (growth -\423 billion)

(3) Improvement in loan dependence 12.7% (previous year: 13.9%)

(4) General revenue resources as percentage of total revenue 65.0% (previous year 63.4%)

 

II Supplement of Financial Deficit

 

1. Deficit in FY '98 \5.4 trillion (previous year \5.9 trillion)

(1)Decrease in revenue due to the special tax cuts

\760 billion(FY '97 extraordinary loans supplementing the decrease in tax revenue \1.2 trillion)

(2) Deficit in ordinary revenue and expenditure

\4,646 billion (FY '97 deficit in ordinary revenue and expenditure \4,654 billion)

TOTAL 5,406 billion (FY '97 total \5,854 billion)

 

FY 94.\5.9 trillion (ordinary revenue & expenditure \3.0 trillion, tax cut \2.9 trillion)

FY 95 \7.0 trillion (ordinary revenue & expenditure \4.3 trillion, tax cut \2.7 trillion)

FY 96 \8.6 trillion (ordinary revenue & expenditure \5.7 trillion, tax cut \2.9 trillion)

FY 97 \5.9 trillion (ordinal revenue & expenditure \4.7 trillion, transitional deficit of local consumption tax revenue \1.2 trillion)

FY 98 \5.4 trillion (ordinary revenue & expenditure \4.6 trillion, special tax cut \0.8 trillion)

 

2. Supplement of deficit due to special tax cuts in FY '98 (\760 billion)

 

(1) Decrease in local allocation tax revenue due to special income tax cuts \136 billion supplemented by loans from the special account for local allocation tax

(2) Decrease in local tax revenue caused by local residents tax cut 624 billion supplemented by tax-cut covering bonds

 

 

 

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