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Any reduction in the corporate income tax should be considered only within the scope of revenue that can be gained by expanding the taxable income base for companies, a top Finance Ministry official indicated Sept. 29.

Vice Finance Minister Takeshi Komura noted that the government plans to stop issuing deficit-covering bonds by fiscal 2003 and that any changes to the corporate tax rate should be consistent with this target. “I know there are calls (within the business community) for a tax reduction that is greater than one that would be made possible by reviewing the extent of taxable income, but the question is, ‘How will we finance such a tax cut?'” he said.

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