Tokyo to unveil plan to trim corporate tax next month

[SINGAPORE] Japan is determined to slash its corporate tax rate and the government will outline its plans to do so by next month, a top official said yesterday.

Yasutoshi Nishimura, Senior Vice-Minister for Economic and Fiscal Policy, told a forum here that Japan is committed to enhancing its competitiveness and boosting productivity.

He noted that the current corporate tax rate of 35.6 per cent - cut from 38 per cent last month - was still more than twice that of Singapore's; it is also higher than the average 25 per cent rate in force in Organisation for Economic Co-operation and Development (OECD) countries.