Japan Iron and Steel Federation required tax system revision to support Japanese steel industry’s international competitiveness at a hearing meeting conducted by Ministry of Economy, Trade & Industry (METI) on Wednesday. Mr. Eiji Hayashida, the federation’s chairperson and JFE Steel’s president, insisted Japanese effective corporation tax rate should be lowered to 30%, the same level as in Europe, while he represented strong opposition against carbon tax introduction due to the impact on Japanese companies’ competitiveness and employment.
Domestic industries explained their offers for tax system revision against METI’s vice ministers and ruling party members. Japan Iron and Steel Federation required lower corporation tax rate. The federation also sought not to implement carbon tax, to cancel taxation on coal used for steel making, to reduce or cancel taxation on depreciable assets and to enhance and continue tax system for R&D encouragement. Japanese corporation tax rate is around 40%, the highest level in the world. The federation advocated the effective tax rate should be lowered to the level as high as in Europe as a first phase though the rate is around 20-30% in Asian countries. As to carbon tax, the federation insisted the tax introduction causes carbon leakage and renewable energy buyback plan impacts Japanese steel industry’s competitiveness and employment. Taxations on coal used for steel making and depreciable assets are very rare systems in the world. The systems are also considered to lower Japanese industries’ international competitiveness.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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