Japan is advancing a proposed economic stimulus plan, which may establish a unified tax rate of 20% for cryptocurrencies.
According to BlockBeats, on November 21, after Japanese Prime Minister Shigeru Ishiba promised to conduct bipartisan discussions to implement comprehensive tax reform, Japan will continue to advance the proposed economic stimulus plan, which is expected to be approved by the end of 2024.
The proposed tax reform measures include changes to income tax, corporate tax, and cryptocurrency tax. This represents a shift in the ruling party's policy, which previously called for tax increases.
Japan's current policy regarding cryptocurrency taxation relies on a vague and variable "miscellaneous tax," which can impose a tax of up to 55% on transactions. The opposition party calls for a unified tax rate of 20% on digital assets, along with other tax reduction measures.
Other tax reduction measures planned for discussion include increasing the tax-exempt income for citizens from $6,650 to $11,345, cutting fuel taxes, and reducing sales taxes until the job market recovers by at least 2%.
Japan is advancing a proposed economic stimulus plan, which may establish a unified tax rate of 20% for cryptocurrencies.
According to BlockBeats, on November 21, after Japanese Prime Minister Shigeru Ishiba promised to conduct bipartisan discussions to implement comprehensive tax reform, Japan will continue to advance the proposed economic stimulus plan, which is expected to be approved by the end of 2024.
The proposed tax reform measures include changes to income tax, corporate tax, and cryptocurrency tax. This represents a shift in the ruling party's policy, which previously called for tax increases.
Japan's current policy regarding cryptocurrency taxation relies on a vague and variable "miscellaneous tax," which can impose a tax of up to 55% on transactions. The opposition party calls for a unified tax rate of 20% on digital assets, along with other tax reduction measures.
Other tax reduction measures planned for discussion include increasing the tax-exempt income for citizens from $6,650 to $11,345, cutting fuel taxes, and reducing sales taxes until the job market recovers by at least 2%.
