Japan restructuring taxes, halts duties for eco-friendly cars
Japan's in just as tough a financial position as any other industrialized country in the world. With an aging population and a dwindling sum to pay out social security, the Japanese government is working on new taxing schemes to bring in extra revenue. Unfortunately, that's a tough sell in an economy that's being pinched from every direction. The Japanese automakers have also been seeing slower sales in their home market for the last several years. In an effort to spur sales of eco-friendly automobiles, the government is considering halting duties on these green machines. Currently, all cars are taxed with a five percent surcharge along with an additional amount based on the weight of the vehicle.Another proposal currently on the books would tax corporations - including automakers such as Toyota, Honda and Nissan - based on how much carbon dioxide they release into the atmosphere. For the first time ever, a majority of major enterprises in Japan have said that they would favor this type of taxation.
[Sources: Forbes, Mainichi Daily News]
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