Japan to slash corporate tax rate in growth bid
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TOKYO - Tokyo said Friday it was slashing Japan's corporate tax rate, one of the world's highest, as the country's top central banker called for speedier reforms to unshackle an economy long mired in red tape.
The cuts would bring the levy under 30 per cent within a few years, resulting in a tax rate ranging from 20 per cent to 29 per cent, depending on the jurisdiction.
Company taxes, including a rate of 35.6 per cent in Tokyo, are the second-highest in the Organisation for Economic Cooperation and Development (OECD) behind the United States, which some critics say has held back the world's number three economy.
Japan's levy is made up of both national and local taxes.
AFP
