Japan Approves Tax Reform on Cryptocurrencies

Japan Approves Tax Reform on Cryptocurrencies



The Japanese government has greenlit a revision in its fiscal 2024 tax reform plan regarding the taxation of companies owning cryptocurrencies issued by third parties. Local reports note that this change will relieve these companies from the end-of-year mark-to-market valuation tax. Previously, such corporations had to declare gains or losses based on the fluctuation in market and book values at the fiscal year's close.



With the new reform, assets intended for long-term holding won't be subject to this valuation, shifting the tax burden to profits made from selling digital currencies and tokens. This move aims to harmonize corporate and individual investor tax treatments. Prompted by proposals from the Liberal Democratic Party and allies, and influenced by the Japan Crypto Asset Business Association's advocacy, the amendment seeks


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