Proposed changes include taxing cryptocurrency at a 20% flat rate instead of the current variable ‘miscellaneous income’ rate.
Japan will go ahead with a proposed stimulus package after Prime Minister Shigeru Ishiba promised to engage in bipartisan discussions to enact sweeping tax reform.
The economic stimulus package is expected to be approved before the end of 2024. According to a report from Bloomberg, the proposed tax reform measures include changes to income tax, corporate taxes and cryptocurrency taxes. This represents a shift in the governing party’s policy, which had previously called for higher taxes.
Pundits have described the situation as being “stuck between a rock and a hard place.”
