Mar 31, 2015

Diet passes tax system revisions for fiscal 2015

The Diet on Tuesday approved legislation for tax system revisions for fiscal 2015, including postponement of the next consumption tax hike. Prime Minister Shinzo Abe announced late last year he was putting off the planned tax hike to 10 percent until April 2017, a ...

Feb 18, 2015

Diet ready to take up tax reform legislation for fiscal 2015

Tax reform legislation for fiscal 2015 that would cut the corporate tax rate and formalize the delay in hiking the consumption tax has made it to the Diet, with the Abe administration looking for quick approval. The Cabinet approved the proposed legislation Tuesday. It ...

Feb 2, 2015

Obama ties foreign profits tax to public works

President Barack Obama’s budget will propose an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas, White House officials said. The proposal, one ...

Aug 26, 2014

Administration may abolish tax break for smaller firms

The Abe administration is considering abolishing a special tax break for small and midsize companies at the end of March in order to finance the corporate tax cut promised the prime minister has promised. The move is expected to draw criticism that the administration ...

Corporate tax cut no 'magic wand,' warns ministry adviser

Jun 26, 2014

Corporate tax cut no 'magic wand,' warns ministry adviser

The plan to cut the corporate tax won’t be “a magic wand,” warns Hiroshi Yoshikawa, a key adviser to the finance minister. The Abe administration on Tuesday adopted new economic and fiscal policy guidelines that call for, among other things, lowering Japan’s effective corporate ...

Jun 25, 2014

New levy eyed to offset proposed corporate tax cut

The Tax Commission is set to propose introducing a new tax to help cover revenue shortfalls from planned cuts in the corporate tax rate. The idea will be included in a final draft of the commission’s upcoming report on measures to overhaul the corporate ...