PANews reported on November 21 that according to Cointelegraph, Japan has passed an economic stimulus plan and promised to promote cryptocurrency tax reform. The annual tax reform discussion for the next fiscal year will change the tax rate on cryptocurrencies from the current "miscellaneous income" tax of up to 55% to a uniform rate of 20%. The proposed reform is a major shift in the policy of Japan's ruling party, which previously tended to increase taxes.
In addition, the annual tax reform discussion for the next fiscal year also includes raising the personal tax-free income limit from $6,650 to $11,345, and reducing fuel taxes and sales taxes until the job market recovers to more than 2%. The stimulus plan is expected to be formally approved by the end of 2024.
As reported last month, the leader of Japan’s Democratic Party for the People proposed a tax reform plan to reduce the tax rate on crypto asset gains to 20% .
