Japan does not tax unprofitable crypto companies

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Japan’s Liberal Democratic Party (LDP), tax committee, accepted a plan to exempt cryptocurrency businesses that issue their tokens from paying corporation taxes on any unrealized gains. This is assuming the tokens are publicly traded on an active market. The taxation of holdings depends on their market value at end of taxation period. This is assuming that token issuers are listed on an active market. Other tax reform recommendations were made by industry groups, including taxing crypto profits at the same tax rate as stocks, and taxing people only when they make fiat money from crypto earnings. These are unlikely to pass this year and will most likely be revisited in the LDP’s tax negotiations next winter.As Coincu reported, from 2023, the Financial Services Agency (FSA) and the Ministry of Economy, Trade, and Industry (METI) of Japan will consider corporate taxation for cryptocurrency enterprises.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: cryptoCrypto TaxJapanLDPLiberal Democratic PartyMETI