June 14, 2014
DON'T TAX WHAT YOU DO WANT:
Japan to slash corporate tax rate to below 30% (AFP, 6/14/14)
0% is the proper rate. Posted by Orrin Judd at June 14, 2014 9:05 AMThe Japanese government 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% within a few years, resulting in a tax rate ranging from 20% to 29%, depending on the jurisdiction.Company taxes, including a rate of 35.6% in Tokyo, are the second-highest in the Organization for Economic Cooperation and Development (OECD) behind the United States, which some critics say has held back the world's number three economy. [...]Tokyo is cutting the national rate to bring down firms' overall burden in a bid to stimulate hiring and corporate investment, as Prime Minister Shinzo Abe faces growing pressure to deregulate politically powerful sectors, including the agricultural industry.
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