Japan Is Reevaluating Corporate Crypto Tax Law For 2023

Summary

“The Japanese government has announced that it shall be evaluating the crypto tax rules which are applicable for corporations in the fiscal year of 2023.

The 2023 financial year tax reform request has targeted solving key issues that the advocacy groups have stated to be roadblocks for crypto adoption in Japan.

Regulators ensured that the agencies do not want to be a hindrance to the growth of the industry as a whole or even discourage digital asset companies from working within the country.

The proposal aims at a separate 20% tax for individual investors with an option to take forward losses for the next three years from the following year.

The 20% separate tax on digital asset earnings with an exemption on the unrealized gains will help become a big relief for the digital asset investors in Japan.

At the moment investors in Japan have to pay up to 55% on their crypto investments.”

Source: https://bitcoinist.com/japan-reform-crypto-corporate-tax-laws/