Things are not that good for Japanese economy. Japanese government has approved a new tax system under which income tax for corporates will be decreased by 5%. Right now, Japanese corporate have to pay nearly 40% of their profit as income tax and it will become 35%. Of course, this system will have to be approved by the parliament.
Japanese government has made the guide lines to combat the economic problems at home. If approved the parliament then the new tax guide lines will be effective from 1 April 2011 . You should know that Japanese fiscal year is counted from 1 April to 31st March.
Some of the opposition parties may oppose this idea and it may become in the end a bit tough for the Japanese government to pass the tax guidelines in the parliament.
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