By Tetsushi Kajimoto and Shinichi Saoshiro TOKYO (Reuters) - For corporate Japan, burdened by one of the industrialized world's steepest tax rates, a tax cut at the center of Prime Minister Shinzo Abe's latest growth strategy will end up giving with one hand - and taking back with the other. While the headline tax rate will fall, Tokyo, under pressure to shore up its finances with a public debt twice its annual GDP, is seeking to offset the tax cut by scaling back exemptions and deductions favoring small and loss-making companies. "Corporate tax cuts and broadening the tax base would make Japan's taxation fairer and more stable, even though it would impose a burden on unprofitable companies that are not paying corporate tax, many of which are small and unlisted," said Hiroshi Watanabe, senior economist at SMBC Nikko Securities.
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