Japan pushes forward with proposed economic stimulus package, could reach 20% flat tax rate on cryptocurrencies

Odaily Planet Daily Report: After Japanese Prime Minister Shigeru Ishiba promised to conduct bipartisan discussions to implement comprehensive tax reform, Japan will continue to advance the proposed economic stimulus plan, which is expected to be approved by the end of 2024. The proposed tax reform measures include changes to income tax, corporate tax, and cryptocurrency tax. This represents a shift in the ruling party's policy, as the party had previously called for raising taxes. Japan's current policy on cryptocurrency taxation relies on a vague and fluctuating "miscellaneous tax" that can impose a tax of up to 55% on transactions. The opposition party has called for a unified 20% tax rate on digital assets, along with other tax reduction measures. Other tax reduction measures being discussed include increasing the tax-free income for citizens from $6,650 to $11,345, reducing the fuel tax, and reducing the sales tax until the job market recovers by at least 2%. (Cointelegraph)