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Changes to rates of consumption tax and corporate income tax expected in 2014

|Proposed Changes|Japan
Japan

It has been reported that the Prime Minster will officially announce the plan to increase the consumption tax from 5% to 8% and to reduce the corporate income tax rate by abolishing the 10% surcharge on the total amount of corporate tax due (Special Reconstruction Corporation Tax – introduced in 2011 to cover the financial losses caused by the Earthquake and Tsunami in 2011).

Further…

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