The Liberal Democratic Party effectively completed a package of tax revisions Tuesday for fiscal 1998 that would allow tax cuts worth about 750 billion yen.
The measures include a 3 percentage point reduction in the corporate tax rate in an effort to revive the sagging economy. Reductions were also incorporated for such items as the securities transaction tax and the taxes on landholdings and profits on land transactions.
The LDP also officially approved its package of financial stabilization measures, featuring 10 trillion yen in government bonds for Deposit Insurance Corp. The party hopes that the package as well as the tax cuts would help shore up the nation's faltering economy.