Japan plans to lower cryptocurrency tax rates to 20% through an economic stimulus plan.
According to TechFlow, on November 21, Cointelegraph reported that Japanese Prime Minister Shigeru Ishiba has pledged to initiate cross-party discussions on comprehensive tax reform, which includes standardizing the tax rate on cryptocurrencies to 20%, replacing the current fluctuating rate of up to 55% on "miscellaneous income." This economic stimulus plan is expected to be approved by the end of 2024. The reform proposal also includes raising the personal tax exemption threshold from $6,650 to $11,345, while reducing fuel taxes and sales taxes.
Japan plans to lower cryptocurrency tax rates to 20% through an economic stimulus plan.
According to TechFlow, on November 21, Cointelegraph reported that Japanese Prime Minister Shigeru Ishiba has pledged to initiate cross-party discussions on comprehensive tax reform, which includes standardizing the tax rate on cryptocurrencies to 20%, replacing the current fluctuating rate of up to 55% on "miscellaneous income." This economic stimulus plan is expected to be approved by the end of 2024. The reform proposal also includes raising the personal tax exemption threshold from $6,650 to $11,345, while reducing fuel taxes and sales taxes.
