The National Tax Agency of Japan announced partial amendments to the tax rules for virtual currency businesses

2023-06-25 10:46:13
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According to ChainCatcher news, as reported by Coinpost, the National Tax Agency of Japan has issued a notification regarding the legal interpretation of partial amendments to corporate tax rules. The notification explains that self-issued crypto assets by enterprises can be excluded from market value valuation under certain conditions, making it easier for cryptocurrency-related companies to operate in Japan. This revision has been incorporated into the ruling party's tax reform charter for the fiscal year 5 of Reiwa.

According to previous legal provisions, if a company holds virtual currency, its unrealized gains will be taxed at the end of the period. This regulation has long been criticized for "burdening companies and hindering innovation in virtual currencies and blockchain." Due to this law, some companies have chosen to operate overseas. (Source link)

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