Vancouver Sun

Tax cut planned to boost economy

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Japan will cut the tax rate on corporate income by 3.29 percentage points over two years to encourage companies to raise wages and boost investment, at a cost of about 400 billion yen ($4 billion) in revenue over the period. Company income tax will drop by 2.51 percentage points in the fiscal year starting April and a further 0.78 percentage points the next year, according to the ruling coalition’s tax plan, released last week in Tokyo. The government also plans tax-free investment accounts for children and an expansion of tax-free donations to relatives. The change follows a stimulus package announced a few weeks ago that boosted subsidies for the poor and support for small businesses.

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