Japan reveals plans to cut corporate tax to below 30%

Japan has unveiled plans to cut the country's corporate tax to below 30 percent in several stages starting next year.

According to BBC News, Japan's current corporate tax rate is nearly 36 percent. It's one of the highest in the industrialized world.

The move is part of Prime Minister Shinzo Abe's plan to revive the economy, a pledge made when he took office in December 2012.

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