#Binanc 2023-07-29 16:15
#Binanc Video News link - https://youtu.be/js15cINzLfU
The Japan Blockchain Association (JBA) has submitted a request for the government to review and reform the country's crypto asset tax system to promote the growth of Web3 business in Japan.
According to Foresight News, the JBA has proposed several recommendations for the government of Japan to consider, including:
1. Abolishing the year-end unrealized profit tax for companies holding crypto assets issued by third parties. This change is expected to encourage new companies to enter the Web3 industry. 2. Implementing separate taxation and loss carry-forward. The JBA suggests changing the taxation method for personal crypto asset transaction profits from general taxation to separate declaration and taxation, with a unified tax rate of 20%. Additionally, they propose allowing taxpayers to carry forward losses for three years from the next year in which the loss occurs and offset these losses against income related to crypto assets in the following years. 3. Canceling the collection of income tax for each individual crypto asset transaction.
The JBA believes that these reforms can foster a more growth-friendly environment for Japan's burgeoning Web3 business sector and help attract more companies and investment to the industry.
