PANews reported on August 29 that according to Coinpost, at the 2024 International Web3 Conference "WebX", the Japan Crypto Asset Business Association (JCBA) discussed the country's cryptocurrency tax reform. JCBA proposed four aspects of cryptocurrency tax reform: 1. Change personal cryptocurrency income tax from miscellaneous income (up to 55%) to separate taxation according to declaration (uniform tax rate 20%); 2. Formulate tax treatment for cryptocurrency donations; 3. Solve the inheritance tax problem; 4. Profit and loss deferral when trading cryptocurrencies.
Experts stressed the importance of further environmental rectification that takes into account the particularities of crypto assets and called on the public to actively participate in discussions on tax reform. The meeting also discussed the possibility of treating crypto assets as transfer income and how to promote crypto asset investment and innovation through tax reform.
Note: Declaring separate taxation refers to a special taxation method used when reporting investment income, that is, investors need to first calculate and declare their investment income by themselves, and then pay taxes according to the prescribed tax rate.
