Japanese activists called on the authorities to reduce income on cryptocurrencies – Bits Media

Japanese Association of Cryptocurrencies (JCBA) and association of cryptocurrency trade (Jvcea) The authorities called for the reform, aimed at reducing income tax for frequent cryptocurrency investors.

Request to change the tax system in 2023 financial year concerns key questions, which, According to human rights groups, prevent the introduction of cryptocurrencies. The proposal concerns the need to improve the system of filing individual tax returns, The importance of crypto acts in the Japanese web3 development strategy and comparison with foreign tax assets taxation systems. The request provides for a separate tax in the amount 20% for individual crypto -investors with provisions on the transfer of losses by three years, Starting from the next financial.

Association participants call for the use of a similar tax structure in the cryptocurrency derivatives market. Separate tax in the amount 20% on income with exemption from unrealized profit will be a great relief for crypto -investors in Japan, whose crypto investments are currently taxed in the amount of 55%.

The proposal to change the tax system received only a week after, How did information about the internal memorandum of tax reform appear, which should be presented to the Japanese agency of financial services (FSA). Japanese associations of market participants are lobbying groups, which insist: High tax rate will make it difficult to own digital assets in Japan. Especially in comparison with more friendly states.

The founder of the consulting blockchain company Graconemia Fujimoto (Mai fujimoto) stated , that crypto companies in Japan, faced with high corporate taxes, Leave the country.