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Most business leaders, who have demanded corporate tax cuts of 10 percentage points, welcomed the tax reform package and financial stabilization measures hammered out by the ruling Liberal Democratic Party on Tuesday.

Some, however, expressed their doubts over its effectiveness. Shoichiro Toyoda, chairman of the Japan Federation of Economic Organizations (Keidanren), said the 3 percentage point corporate tax cuts, including corporate taxes levied at the local level, will pave the way for future reductions of the corporate tax rate. “We hope the government’s corporate tax reform will continue through next fiscal year and the government will realize an actual tax rate of 40 percent as early as possible,” Toyoda said.

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