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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (1212)	6/30/1998 7:26:00 PM
From: JEFF CHAPMAN	Read Replies (1) \| Respond to of 3902

NEWS FLASH::: (COMTEX) B: Japan to implement permanent tax cuts next year: report B: Japan to implement permanent tax cuts next year: report TOKYO, July 1 (AFP) - The Japanese government and ruling party have decided to implement permanent tax cuts next year by lowering income and residential tax rates in a bid to revive the moribund economy, a report said Wednesday. The Liberal Democratic Party's Research Commission on the Tax System will begin debate on lowering tax rates next week, the Yomiuri Shimbun said without naming sources. The scale of the tax reduction is expected to be two-to-four trillion yen (14-to-29 billion dollars), the mass-circulation daily said. One-off tax cuts worth two trillion yen were to have been introduced in 1999 but they will now be replaced with the permanent reductions, it said. The move was decided on as there are no signs of an economic recovery with the yen staying fragile against the dollar, it said. Calls for permanent tax cuts have mounted since Japan has gone ahead with two sets of one-time tax cuts totalling four trillion yen this year but failed to boost consumer spending. Ruling party executives told US Deputy Treasury Secretary Lawrence Summers of their plan to implement permanent tax cuts when he visited Japan in late June, the daily said. Prime Minister Ryutaro Hashimoto will announce the permanent cuts either during the election campaign for July 12 upper house elections or before his meeting with US President Bill Clinton on July 22. BTW, I got this story from mytrack.com's software which is free and can be downloaded here: mytrack.com If you do sign up for this (you get Comtex newswires around the clock on markets around the world plus Marketguide reports for free, with news/quotes/ticker in 'pushed' streaming format), please put 'Muthavugah' in the referred by field...