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Japanese court throws out plan to levy tax on Tokyo's major banks

A Japanese court has thrown out a controversial plan to levy a special tax on Tokyo's major banks.

As Tokyo correspondent Mark Simkin reports, the decision puts a huge hole in government finances:

"The plan was hatched by Tokyo governor, Shintaro Ishihara, after he discovered that many big banks were paying no tax because they weren't making any profit. To remedy the situation he decided to tax the banks on their gross revenues. The bank's took the issue to court and today won a ruling that the tax is illegal. The decision is a major blow to the governors presige and even a bigger blow to the government's budget which is massively in debt.

27/03/2002 05:18:23 | ABC Radio Australia News

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