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Japan cuts corporate tax to spur economy
Source: Agencies |
December 17, 2010, Friday
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Print Edition
Print Edition
JAPAN'S Cabinet yesterday approved cutting the corporate tax by 5 percentage points in a bid to spur the country's sluggish economy.
The first corporate tax cut in 12 years is among tax reforms approved by the Cabinet of Prime Minister Naoto Kan. They still require parliamentary approval.
Japan's corporate tax rate now stands at 40 percent. Companies have long urged the government to slash the rate, which is higher than the global average of 25 percent to 30 percent.
The cut will amount to a 1.5 trillion yen (US$17.8 billion) in tax savings for corporations. Kan has said he hopes the cut will encourage companies to increase investment and create more jobs.
The move comes as the latest Bank of Japan survey showed on Wednesday that business sentiment fell for the first time in seven quarters on worries about a strong yen.
The first corporate tax cut in 12 years is among tax reforms approved by the Cabinet of Prime Minister Naoto Kan. They still require parliamentary approval.
Japan's corporate tax rate now stands at 40 percent. Companies have long urged the government to slash the rate, which is higher than the global average of 25 percent to 30 percent.
The cut will amount to a 1.5 trillion yen (US$17.8 billion) in tax savings for corporations. Kan has said he hopes the cut will encourage companies to increase investment and create more jobs.
The move comes as the latest Bank of Japan survey showed on Wednesday that business sentiment fell for the first time in seven quarters on worries about a strong yen.
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