The Finance Ministry recommended Wednesday that tax breaks firms receive on five reserve funds be abolished or reduced so their taxable income base can be expanded and overall corporate tax rates reduced beginning in fiscal 1998.
The ruling Liberal Democratic Party’s Research Commission on the Tax System was also told that a small levy of less than 1 percent should applied to indebted firms’ total annual wages so that they, too, will have a minimum tax burden. Companies in the red are not currently obliged to pay corporate taxes.
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