No Cryptocurrency Tax for Corporate Companies!
Japan’s ruling coalition is discussing a proposal to exempt companies from paying taxes on unrealized cryptocurrency gains if they hold digital assets. The move aims to curb startups choosing Singapore and Dubai over Tokyo. Cryptocurrencies held for non-short-term trading will be exempt from corporate taxes based on their market value at the end of each fiscal year.
The exemption will be included in the fiscal 2024 tax reform plan. Japan is the only country that taxes companies based on the market value of their cryptocurrency assets, excluding self-issued coins. Industry observers argue that this rule is pushing companies with cryptocurrencies into tax-friendly jurisdictions like Singapore, Dubai, and Switzerland.
(With inputs from Shikha Singh)
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