{"id":4799,"date":"2023-12-28T09:02:25","date_gmt":"2023-12-28T09:02:25","guid":{"rendered":"https:\/\/nftmetta.com\/?p=4799"},"modified":"2023-12-28T09:02:35","modified_gmt":"2023-12-28T09:02:35","slug":"the-cabinet-of-japan-suggests-eliminating-corporate-tax-on-unrealized-cryptocurrency-gains","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/the-cabinet-of-japan-suggests-eliminating-corporate-tax-on-unrealized-cryptocurrency-gains\/","title":{"rendered":"The Cabinet of Japan suggests eliminating corporate tax on unrealized Cryptocurrency gains"},"content":{"rendered":"\n
December 28, 2023<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
The government of Prime Minister Fumio Kishida has been reviewing suggestions on how to support the growth of the sector, which it views as a cornerstone of economic transformation.<\/p>\n\n\n\n
According to CoinDesk Japan, the ruling Liberal Democratic party of Japan proposed that the tax on unrealized cryptocurrency gains be eliminated. This is expected to have a positive impact on the growth of the Web3 business in the country. The proposal was approved by the cabinet.<\/p>\n\n\n\n
The plan would eliminate company taxation on the difference between the market and book values of cryptocurrency assets issued by other businesses. It must be discussed in the Diet, the Japanese parliament. The Dec. 22 approval, if it were to become law, would eliminate a disparity in the treatment of assets issued by holders, who are not subject to mark-to-market taxes, and assets issued by third parties. According to CoinDesk Japan, the fee has made Web3 enterprises in the country more challenging.<\/p>\n\n\n\n