Kan Orders 5 Percent Cut in Japan’s Corporate Tax
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Japan’s Prime Minister Naoto Kan ordered a 5 percentage point cut in the nation’s corporate tax rate starting in the next fiscal year to boost an economy that is showing signs of contraction.
“I’ve instructed ministers to lower the corporate tax by 5 percent to lift up the economy and beat deflation,” Kan told reporters in remarks broadcast last night on TV Tokyo. He spoke after meeting with Finance Minister Yoshihiko Noda and other members of his Cabinet.