Law and Government
Japan ranks 20th of 183 countries in the Ease of Doing Business Index 2012.
Japan has one of the smallest tax rates in the developed world. After deductions, the majority of workers are free from personal income taxes. Value-added tax rate is only 5%, while corporate tax rates are high.
Shareholder activism is rare despite the fact that the corporate law gives shareholders strong powers over managers. Recently, more shareholders have stood up against managers.
The government's liabilities include the second largest public debt of any nation. Former Prime Minister Naoto Kan has called the situation 'urgent'.
Japan's central bank has the second largest foreign-exchange reserves after People's Republic of China.
Read more about this topic: Economy Of Japan
Famous quotes containing the words law and, law and/or government:
“A strong person makes the law and custom null before his own will.”
—Ralph Waldo Emerson (1803–1882)
““If the law supposes that,” said Mr. Bumble, squeezing his hat emphatically in both hands, “the law is a ass—a idiot. If that’s the eye of the law, the law is a bachelor; and the worst I wish the law is, that his eye may be opened by experience—by experience.””
—Charles Dickens (1812–1870)
“I don’t know jokes; I just watch the government and report the facts.”
—Will Rogers (1879–1935)