Yasuyuki Suzuki, an analyst with Daiwa Securities, said market sentiment was greatly improved by news that a government panel is considering a proposal to cut the securities transactions tax.
32.
A preliminary offering circular for the bond dated July 17 said the bond will not be subject to either Taiwan's securities transaction tax or the 5 percent business tax.
33.
Yet the panel will also discuss increasing the capital gains tax on stock trading to offset a drop in tax revenue from eliminating securities transaction taxes, the newspaper said.
34.
Among other proposals, the party will recommend halving the securities transaction tax to 0.1 percent from 0.21 percent next year, and abolishing the tax in the year ending March 2000.
35.
A news report about the possible abolition of the securities transaction tax as early as April 1998 also triggered covering of short, or oversold, positions among domestic players, traders said.
36.
The party yesterday proposed 850 billion yen ( $ 6.4 billion ) of cuts in corporate, real-estate and securities transaction taxes in an effort to revive the country's torpid economy.
37.
The government will take other measures to boost the economy, which include reducing corporate tax rates, halving the securities transaction tax and suspending some levies on real estate transactions, Hashimoto said.
38.
Traders have said investors remain bearish over worries that the government will be slow to carry out reforms, including a reform of securities transaction taxes and steps to boost land liquidity.
39.
Japan's ruling Liberal Democratic Party said it will propose cuts in corporate, real estate and securities transaction taxes worth 950 billion yen ( $ 7.3 billion ) to boost the economy.
40.
The party will also recommended halving the securities transaction tax to 0 . 1 percent from 0 . 21 percent next year, and abolishing the tax in the year ending March 2000.
