1.   Any delay would likely disappoint investors, since consolidated taxation was supposed to help ease the restructuring of Japanese corporations.

2.   Consolidated taxation has a close bearing on the lifting of the holding-company ban.

3.   Consolidated taxation also enables companies to make more out of alliances and mergers.

4.   Consolidated taxation can be applied only to subsidiaries fully owned by their parents.

5.   Consolidated taxation for holding companies will likely be allowed in a few years, analysts say.

6.   Hand in hand with the holding company law is the issue of consolidated taxation.

7.   He cautions, though, the companies that would benefit from consolidated taxation change from year to year.

8.   It is essential, therefore, to conduct a thorough debate on the holding-company issue and the consolidated taxation system.

9.   Meanwhile, the Ministry of Posts and Telecommunications is poised to start building a government consensus for introduction of a consolidated taxation system.

10.   Unlike consolidated accounting and the easing of restrictions on corporate spin-offs, two earlier changes, consolidated taxation raises problems because it involves tampering with tax revenues.