April

<div class="coinjournal">
 <ul>
  <li dir="ltr">Japan has scrapped corporate tax on unrealized profits</li>
  <li dir="ltr">Companies holding unrealized gains on their crypto assets will not pay tax on them as from April 1, 2024.</li>
 </ul>
 <p dir="ltr"><a rel="noopener noreferrer nofollow" title="Japan" href="https://thebittimes.com/tag/japan.html">Japan</a> is reportedly doing away with <a rel="noopener noreferrer nofollow" title="corporate" href="https://thebittimes.com/tag/corporate.html">corporate</a> tax on <a rel="noopener noreferrer nofollow" title="unrealized" href="https://thebittimes.com/tag/unrealized.html">unrealized</a> profits from <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency holdings, according to the latest news by local media outlets.</p>
 <h2 dir="ltr" id="japan-changes-corporate-tax-law-on-crypto">Japan changes corporate tax law on crypto</h2>
 <p dir="ltr">Per the news updates, companies and institutions holding <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> will not pay tax on their “<a rel="noopener noreferrer nofollow" title="unrealized" href="https://thebittimes.com/tag/unrealized.html">unrealized</a> gains” from April 2024.&nbsp;</p>
 <p dir="ltr">The cabinet approved the tax changes on December 22, local media outlet Nikkei reported. The new tax regime will take effect on April 1, 2024 – the date that Japan’s fiscal year starts.</p>
 <p dir="ltr">This follows the Japanese government’s approval of a revision to the country’s tax law as applies to companies that hold digital assets issued by third parties. Companies are set to only get taxed on realized profits- after they sell.</p>
 <p dir="ltr">As it stands and per the law, corporate crypto holders are subject to taxation on the “mark-to-market valuation” of their assets every fiscal year. However, with the revision, companies that hold unrealized cryptocurrency profits will not be subject to this tax.</p>
 <p dir="ltr">In June, Japan’s tax agency clarified that crypto issuers were no longer subject to the 35% capital gains tax.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/japan-removes-corporate-tax-on-unrealized-crypto-profit-tbt74706.html">https://thebittimes.com/japan-removes-corporate-tax-on-unrealized-crypto-profit-tbt74706.html</a></p>

Japan removes corporate tax on unrealized crypto profit

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TheBitTimes

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