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Japan Ponders Tax Cut for Corporations
Japan is studying a plan to lower the country's corporate tax rate by 2.5 percentage points or more next year to help improve the competitiveness of its domestic companies, according to The Nikkei.
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Japan is studying a plan to lower the country's corporate tax rate by 2.5 percentage points or more next year to help improve the competitiveness of its domestic companies, according to The Nikkei.
The newspaper notes that Japan's current corporate tax rate of 35% is one of the highest among the world's largest economies.
The cut would take effect in the next fiscal year beginning April 1. The plan is part of a longer-term goal by Prime Minister Shinzo Abe to eventually lower the corporate tax rate to 20%.
Abe's Liberal Democratic Party will begin to debate the reduction today, The Nikkei reports. It says the party hopes to finalize a general tax reform package by the end of this year.
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