More on the “Japan could cut corporate tax 2-3% next fiscal year” headlines

Norio Sasaki, Toshiba Corp. vice chairman and member of a government panel subcommittee on corporate tax reform:

• Japan could cut its corporate tax rate as early as next fiscal year by 2 -3%
• Gradually lower it toward 25% in later years
• Cuts can be “gradual” as long as “the direction is clearly set toward levels around 25 percent — matching those in Asia.”
• Japan’s effective corporate tax rate of about 36 percent in Tokyo is the second-highest in the Group of Seven after the U.S. and compares with rates of about 24 percent in South Korea and 23 percent in the U.K
• Said it’s important to set tax reform in motion next fiscal year, even if the initial cut was less than 5 to 10%

More at Bloomberg.