FSA has been in contemplation about the need for a corporate tax amendment for the crypto industry, as per a representative. It is not certain if the regulators have decided to include the adjustment plan in the yearly suggested alteration, this alteration to be presented is scheduled with the tax authorities in August.
The lobby groups also wanted to convince the government to impose a flat 20% income tax on the individual investors’ crypto gains. As opposed to 55% tax, the crypto lobby groups were insisting on a lower tax percentage which is to be levied.
Masaaki Taira, member of House of Representatives of Japan had tried to convince his fellow MPs and Finance Ministry for tax amendments which could stop the talent from flowing out of the country. Fumio Kishida, Prime Minister of Japan, is yet to show if Japan’s intention to advance in Web3 technology will actualize by passing the decision to consider the tax modifications.
Related Reading | Japan’s Parliament Introduces Framework For Stablecoins To Protect Investors
Featured Image from Protos, chart from TradingView.com
Source: https://bitcoinist.com/japans-crypto-lobby-group-push-for-tax-cuts/