Japan Considers Introducing More Crypto-Friendly Tax Rules

CryptocurrencyNews
··1 min read

In a bid to retain businesses and curb the exodus to tax-friendly destinations like Singapore and Dubai, Japan’s ruling coalition is contemplating a significant tax reform.

Under the proposed change, Japanese companies may no longer face taxes on unrealized gains from cryptocurrencies held for purposes other than short-term trading.

This exemption aims to align Japan with global norms and counter the current rule, which taxes companies based on mark-to-market valuations of their cryptocurrency holdings.

The proposed change, expected to be part of the fiscal 2024 tax reform plan, could make Japan a more attractive destination for companies engaged in cryptocurrency-related businesses.

Additionally, discussions on other tax rule adjustments include extending deductible entertainment expenses for small and midsize enterprises beyond March 2024. Japan’s move reflects a strategic effort to enhance its competitiveness in the global cryptocurrency landscape.

  • bitcoinBitcoin (BTC) $ 61,191.00 0.15%
  • ethereumEthereum (ETH) $ 2,924.32 0.18%
  • tetherTether (USDT) $ 1.00 0.16%
  • bnbBNB (BNB) $ 591.32 0.46%
  • solanaSolana (SOL) $ 145.85 1.52%
  • usd-coinUSDC (USDC) $ 1.00 0.21%
  • xrpXRP (XRP) $ 0.506787 0.87%
  • staked-etherLido Staked Ether (STETH) $ 2,921.82 0.2%
  • the-open-networkToncoin (TON) $ 6.82 0.75%
  • dogecoinDogecoin (DOGE) $ 0.144670 0.26%
  • cardanoCardano (ADA) $ 0.443346 1.24%
  • shiba-inuShiba Inu (SHIB) $ 0.000023 1.09%
  • avalanche-2Avalanche (AVAX) $ 33.84 2.06%
  • tronTRON (TRX) $ 0.126208 0.18%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 61,132.00 0.33%
  • polkadotPolkadot (DOT) $ 6.73 1.85%
  • bitcoin-cashBitcoin Cash (BCH) $ 431.66 0.91%
  • chainlinkChainlink (LINK) $ 13.50 2.32%
  • nearNEAR Protocol (NEAR) $ 7.21 1.59%
  • matic-networkPolygon (MATIC) $ 0.683072 1.43%
  • litecoinLitecoin (LTC) $ 80.85 0.19%
  • internet-computerInternet Computer (ICP) $ 12.15 2%
  • fetch-aiFetch.ai (FET) $ 2.23 1.96%
  • leo-tokenLEO Token (LEO) $ 5.94 0.08%
  • daiDai (DAI) $ 0.999705 0.38%
  • uniswapUniswap (UNI) $ 7.10 1.44%
  • render-tokenRender (RNDR) $ 10.82 1.56%
  • ethereum-classicEthereum Classic (ETC) $ 26.61 1.11%
  • hedera-hashgraphHedera (HBAR) $ 0.108327 0.99%
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00 0.07%
  • pepePepe (PEPE) $ 0.000009 2.89%
  • aptosAptos (APT) $ 8.48 0.75%
  • immutable-xImmutable (IMX) $ 2.34 7.89%
  • cosmosCosmos Hub (ATOM) $ 8.63 1.89%
  • crypto-com-chainCronos (CRO) $ 0.126186 2.55%
  • mantleMantle (MNT) $ 1.01 0.9%
  • wrapped-eethWrapped eETH (WEETH) $ 3,033.63 0.07%
  • filecoinFilecoin (FIL) $ 5.63 1.24%
  • dogwifcoindogwifhat (WIF) $ 3.12 4.27%
  • stellarStellar (XLM) $ 0.106770 0.21%
  • okbOKB (OKB) $ 49.97 0.23%
  • blockstackStacks (STX) $ 2.01 1.71%
  • kaspaKaspa (KAS) $ 0.123793 0.96%
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,875.53 0.26%
  • the-graphThe Graph (GRT) $ 0.288164 0.79%
  • optimismOptimism (OP) $ 2.56 0.84%
  • arbitrumArbitrum (ARB) $ 1.01 0.02%
  • arweaveArweave (AR) $ 39.65 5.4%
  • bittensorBittensor (TAO) $ 381.37 1.94%
  • vechainVeChain (VET) $ 0.034928 0.44%

Sign In

Register

Reset Password

Please enter your username or email address, you will receive a link to create a new password via email.