The new tax reform proposal in Japan also includes raising the personal tax-free income limit to $11,345.
PANews, November 21, reported by Cointelegraph, Japan has passed an economic stimulus plan and committed to advancing cryptocurrency tax reform. The new proposal will change the tax rate on cryptocurrencies from the current maximum of 55% under "miscellaneous income" to a unified rate of 20%. This reform marks a significant shift in the policy of Japan's ruling party, which previously leaned towards increasing taxes.
Additionally, the tax reform plan includes raising the personal tax-free income threshold from $6,650 to $11,345, as well as reducing fuel and sales taxes until the employment market recovers by more than 2%. The stimulus plan is expected to be formally approved by the end of 2024.
Last month, reports indicated that the leader of Japan's National Democratic Party proposed a tax reform plan to lower the tax rate on cryptocurrency asset gains to 20%.
The new tax reform proposal in Japan also includes raising the personal tax-free income limit to $11,345.
PANews, November 21, reported by Cointelegraph, Japan has passed an economic stimulus plan and committed to advancing cryptocurrency tax reform. The new proposal will change the tax rate on cryptocurrencies from the current maximum of 55% under "miscellaneous income" to a unified rate of 20%. This reform marks a significant shift in the policy of Japan's ruling party, which previously leaned towards increasing taxes.
Additionally, the tax reform plan includes raising the personal tax-free income threshold from $6,650 to $11,345, as well as reducing fuel and sales taxes until the employment market recovers by more than 2%. The stimulus plan is expected to be formally approved by the end of 2024.
Last month, reports indicated that the leader of Japan's National Democratic Party proposed a tax reform plan to lower the tax rate on cryptocurrency asset gains to 20%.
