Japan's government is reportedly planning to cut the standard effective corporate tax rate to below 30% in 2016. Japan cut the statutory tax rate and local corporate rate in 2015, resulting in an effective rate of 32.11%, and had planned to further reduce the effective rate to 31.33% in 2016. Under the new plan, the effective rate would be cut to 29.97% in 2016 and to 29.74% in 2017. In order t…