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Japan’s financial regulator proposes tax reforms for cryptos

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The Financial Services Agency, Japan’s financial regulator, has formally proposed to ease the corporate tax burden on crypto-assets. The move resonates with Prime Minister Fumio Kishida’s recent efforts to stimulate the country’s economy. According to the regulator’s annual tax-code change request filing, corporate entities shouldn’t have to pay taxes on paper gains from crypto held […]

The Financial Services Agency, Japan’s financial regulator, has formally proposed to ease the corporate tax burden on crypto-assets. The move resonates with Prime Minister Fumio Kishida’s recent efforts to stimulate the country’s economy.

As per the current tax laws, all crypto-related income is classified as miscellaneous income on tax declarations. Investors and the opposition have repeatedly called for a system where earnings are taxed at a flat rate, similar to capital gains tax. In simple words, levy tax only when profits are realized, not as per the growing value of crypto-assets.

 

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