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LDP to cut taxes by 2 trillion yen (photo)

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Japan's ruling Liberal Democratic Party (LDP) showed its approval of a tax reform plan for fiscal 2003 that would cut taxes by some 2 trillion yen. Under this plan, businesses would experience tax cuts while tobacco and liquor industries would pay higher taxes. New Komeito and the New Conservative Party (NCP), the LDP's coalition partners, have agreed to this tax reform plan, which will be finalized Friday. However, the NCP oppose raising taxes on products that the public enjoys, and have worked to scale down the tax hike from the initial proposal. The tax hikes for the tobacco and liquor industries will be levied beginning May 1 and July 1, respectively.

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