OSAKA -- Heizo Takenaka, state minister in charge of economic and fiscal policy, said Sunday a key government panel will discuss cuts in income and corporate taxes as part of tax reforms.

Speaking in Osaka, Takenaka said, "We will discuss lowering the basic rates of income and corporate taxes."

The Council on Economic and Fiscal Policy, chaired by Prime Minister Junichiro Koizumi, is to produce a basic policy on tax reforms in June as part of efforts to revitalize the economy.