TOKYO, June 12 Japan plans to help its
corporations by cutting tax on investment to boost their capital
spending, a draft of the nation's growth strategy showed on
The investment tax break was added to a series of measures
the government unveiled last week in the first part of its
growth strategy plan, which included targets such as increasing
private-sector capital expenditure and infrastructure exports.
The growth strategy is expected to be approved by the
cabinet on Friday.
At a government panel meeting on industrial competitiveness
on Wednesday, Prime Minister Shinzo Abe said he wanted to start
debate on tax reform after the July upper house election.
The government plans to lay out the second part of its
growth strategy in the autumn.
Abe this month pledged to raise incomes by 3 percent
annually and set up special economic zones to attract foreign
businesses in the third tranche of measures aimed at boosting
growth in the world's third-biggest economy.
The growth strategy is the "Third Arrow" in his "Abenomics"
prescription to end deflation and spur sustainable growth. The
first two "arrows" are hyper-easy monetary policy and big