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/or government:
“Escalus. What do you think of the trade, Pompey? Is it a lawful trade?
Pompey. If the law would allow it, sir.
Escalus. But the law will not allow it, Pompey; nor it shall not be allowed in Vienna.
Pompey. Does your worship mean to geld and spay all the youth of the city?
Escalus. No, Pompey.
Pompey. Truly, sir, in my poor opinion they will to’t then. If your worship will take order for the drabs and the knaves, you need not to fear the bawds.”
—William Shakespeare (1564–1616)
“I thought it a pity that some poor student did not live there, to profit by all that light, since he would not rob the mariner.... Think of fifteen Argand lamps to read the newspaper by! Government oil!—light enough, perchance, to read the Constitution by! I thought that he should read nothing less than his Bible by that lamp.”
—Henry David Thoreau (1817–1862)