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Any reduction in the present corporate tax rate should be considered after reviewing and possibly expanding the range of taxable corporate income, Finance Minister Hiroshi Mitsuzuka said July 16.

He was upholding the ministry’s position that the tax rate, relatively high compared with other industrialized nations, should only be lowered after reviewing tax breaks offered on various reserve funds held by companies. “At a time when fiscal reconsolidation is being undertaken and we are asking the public to bear spending cuts, we need to study the (taxation) base to see whether we can secure funds that will enable us to reduce the corporate tax rate,” Mitsuzuka told a news conference. The basic corporate tax rate stands at 37.5 percent.

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