TOKYO, May 20 (Reuters) - The ruling Liberal Democratic Party has called for a cut in the corporate tax rate and an expansion of the tax base, in a bid to increase the competitiveness of corporate Japan, according to the party's draft proposals unveiled on Tuesday.
The LDP also said the government should lay out the timing and target of the corporate tax cut to help domestic and foreign firms in their decisions on new capital investment, employment and business development.
The draft proposal came ahead of Prime Minister Shinzo Abe's "growth strategy" of economic structural reform due in June.
The LDP has also proposed the inclusion of multiple full-time committee members on the Government Pension Investment Fund (GPIF) investment board, the draft proposal said. (Reporting by Kaori Kaneko; Editing by Chris Gallagher)