The government will likely end up collecting ¥45 trillion in tax revenues for fiscal 2013, about ¥2 trillion more than its January estimate, thanks largely to increased corporate earnings on the back of the weak currency, sources said.
The government is expected to use the added revenue to finance part of a supplementary budget for the current fiscal year through March 31 to be written by lawmakers in mid-December.
Under the supplementary budget, around ¥5 trillion in outlays are planned for measures including those aimed at cushioning the impact of the consumption tax hike next April.
Besides the increased tax receipts, the budget will be financed by reserve funds carried over from the previous fiscal year and some other resources that are estimated to be enough to eliminate the need for debt issues.
In January, the government estimated tax receipts for fiscal 2013 to total ¥43.96 trillion.
The aggregate tax revenue for the year, including the added estimated funds, will surpass ¥43.93 trillion for fiscal 2012 and reach a level highest since ¥51.18 trillion in fiscal 2007, just before the global financial crisis.