Japan's tax revenue is expected to end up lower than the record high figure estimated in the fiscal 2020 draft budget, with critics saying the initial tally was based on an economic growth forecast that was "too optimistic."

Since Prime Minister Shinzo Abe returned to power in late 2012, the actual pace of growth in the world's third-largest economy has exceeded his government's forecast only twice.

In the extra budget for fiscal 2019, the Finance Ministry revised down its tax revenue estimate for the year through March to ¥60.18 trillion ($550 billion) from ¥62.50 trillion due to a drop in corporate earnings amid a slowdown of the global economy.