Japanese cabinet approves crypto tax reform in 2024 fiscal plan
The Japanese government has approved an amendment to the taxation of companies holding third-party-issued cryptocurrencies in its fiscal 2024 tax reform plan. According to local news sources, the alteration to the taxation of firms holding third-party-issued crypto currencies means that such companies will no longer be subjected to the year-end mark-to-market valuation tax. The Japanese Cabinet meeting approved the tax reform outline for fiscal year 2024. Companies holding crypto assets will no longer need to levy market value tax, and will only be taxed on profits generated by the sale of cryptocurrencies by relevant companies.… — Wu Blockchain (@WuBlockchain) December 24, 2023 Before this amendment, corporations holding third-party-issued crypto currencies were required to record profits or losses based on the disparity between market value and book value at the end of the fiscal year. Under the new reform , assets assumed to be held continuously will be exempted from th...
