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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World New Japan govt's corporate tax cut plans: minister AFP - Friday, June 11 Send IM Story Print New Japan govt's corporate tax cut plans: minister Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japan's new government plans to cut corporate tax closer to international norms as it tries to haul Asia's biggest economy out of a long slump, the economy minister said in a report Friday. The government is aiming to cut tax on company earnings by five percentage points next fiscal year, from an effective 40 percent now, the Nikkei business daily quoted Economy, Trade and Industry Minister Masayuki Naoshima as saying. "It's a fact that international corporate tax rates are 10 to 15 points lower than Japan's," said Naoshima, who is part of Prime Minister Naoto Kan's new cabinet sworn in this week. "Over the medium term, the government will aim to bring the rate down to around the global standard," he said. Japan has the industrialised world's highest levels of debt, and Naoshima said an enduring economic expansion would lead to higher tax receipts that in turn would make social security programmes sustainable. "It is now the time to decide (on cutting corporate tax) for the sake of future economic vitality, employment and securing increased tax revenues," the minister said. "Japan's economy has basically been in a slump for the past 20 years and people have been overwhelmed by a sense of stagnation." Recommend Send IM Story Print Related Articles The World's Worst Economies Forbes - 28 minutes ago Wall Street's Biggest Bears Forbes - 28 minutes ago The Five Things Job Recruiters Want From You Now Forbes - 28 minutes ago Don't Blame Google For Grabbing Your Data Forbes - 28 minutes ago Honda resumes China production, strike continues AFP - 1 hour 29 minutes ago News Search Top Stories Rescue under way for missing US sailor, 16 BP chairman summoned to Obama meeting over oil spill US more than doubles oil leak estimate On the brink of extinction, tigers need man as never before US pressure on BP sends share price tumbling More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Abu Dhabi to build 'world's largest' solar plant British students given 'sexy high-heel lessons' BP shares slide on oil spill fallout US pressure on BP sends share price tumbling Costner touts technology for Gulf spill cleanup More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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