Written by 12:43 pm Cryptocurrency

Japan might ease tax burdens on cryptocurrency startups in 2023

According to Yomiuri Shimbun Online, the Japanese government suggested a prospect of lowering the tax burdens on cryptocurrency companies with the 2023 tax reform to stop entrepreneurs from leaving the country to set up their firms, as reported by Cryptoslate.

At the government’s Digital Society Initiative Conference in April, Rakuten Group President Hiroshi Mikitani delivered a scathing self-evaluation. At the government’s Digital Society Initiative Conference in April, Rakuten Group President Hiroshi Mikitani delivered a scathing self-evaluation,” Mikitani added. 

Cryptoslate reported that the Japanese government must have been affected by Mikitani’s remarks because Prime Minister Fumio Kishida declared 2022 to be “the first year of creating startups” and stated his plans to encourage the growth of startups in Japan. The government will establish a new implementation procedure to foster a supportive environment for entrepreneurs and develop a five-year strategy specifically for this subject by the end of the year, according to Prime Minister Kishida.

Corporate and individual investors in Japan are currently subject to tax on both realised and unrealized cryptocurrency gains. Corporate crypto holdings are subject to a 30% flat tax on all digital asset gains, but individual investors are subject to a maximum tax rate of 55%, Cryptoslate noted.

(With insights from Cryptoslate)

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