DHAKA: Japanese prime minister Shinzo Abe is expected on Tuesday to unveil a fresh round of reforms to boost a nascent growth recovery, reports said, his second attempt at launching the ‘third arrow’ of his economic action plan.

In a package that has already been heavily trailed, he will promise to slash Japan’s corporate tax rate, one of the world’s highest, and tackle other sectors long protected by government help, according to local media, reports The Straits Times.

The prime minister and his economic and financial ministers are expected to formally adopt the plans before an official announcement is made in the afternoon.

Company taxes, including a rate of 35.6 percent in Tokyo, are the second-highest in the Organisation for Economic Cooperation and Development (OECD) behind the United States, a factor some critics say has held back the economy.

BDST: 1300 HRS, JUNE 24, 2014