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Japan to lower corporate loss carryforwards

TOKYO -- To help scrape up money to finance corporate tax cuts, the government plans to further limit companies' ability to lower their taxes by carrying forward past losses to offset income.

     Existing rules restrict large corporations' use of loss carryforwards to no more than 80% of taxable income, while small and midsize businesses face no ceiling. Plans call for lowering the percentage to around 60% for large companies in fiscal 2015.

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