The ruling party of Japan agrees to relax corporate tax regulations on virtual currencies

ChainCatcher News: The ruling party in Japan has agreed to relax corporate tax regulations on virtual currencies. According to a party politician, the Liberal Democratic Party's tax committee approved a proposal on Thursday to exempt companies from paying taxes on the book profits of cryptocurrencies they hold after issuance. Currently, profits from holding cryptocurrencies, including unrealized gains, are subject to approximately 30% corporate tax in Japan.

It is reported that Prime Minister Fumio Kishida's government will finalize the annual tax policy guidelines by the end of the year based on the party's decision. The government typically submits legislation to parliament in January to rewrite tax laws for the new fiscal year starting on April 1. (Source link)