Japan's ruling party approved a plan on Thursday to slash the corporate tax rate to below 30% from April and trim it again two years later, while pressing companies to boost investment and raise wages to spur economic growth.
The plan, to be included in the annual tax code revision, will bring the effective corporate tax to 29.97% - in line with that of Germany - in fiscal year 2016 that begins in April. It will be reduced further to 29.74% in fiscal 2018.
Japan's corporate tax is now 32.11%, well above the average 25% among Organisation of Economic Cooperation and Development (OECD) economies, putting its firms at disadvantage against overseas rivals.
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The plan, to be included in the annual tax code revision, will bring the effective corporate tax to 29.97% - in line with that of Germany - in fiscal year 2016 that begins in April. It will be reduced further to 29.74% in fiscal 2018.
Japan's corporate tax is now 32.11%, well above the average 25% among Organisation of Economic Cooperation and Development (OECD) economies, putting its firms at disadvantage against overseas rivals.
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