Japan's ruling party agrees to relax corporate tax rules, exempting companies from taxing unrealized gains on held cryptocurrencies.

According to Bloomberg, the ruling party in Japan has agreed to relax corporate tax rules for cryptocurrencies. A party official stated that the Liberal Democratic Party's tax committee approved a proposal on Thursday that exempts companies from paying taxes on unrealized gains from holding cryptocurrencies issued by them. Currently, profits from holding cryptocurrencies, including unrealized gains, are subject to about 30% corporate tax in Japan. Prime Minister Fumio Kishida's government is expected to finalize annual tax policy guidelines by the end of the year based on the decision. The government typically submits legislation to the parliament in January to revise tax laws for the new fiscal year starting on April 1.

According to a report by Bloomberg, the ruling party in Japan has agreed to relax the corporate tax rules on cryptocurrencies. A party official stated that the Liberal Democratic Party's tax committee approved a proposal on Thursday to exempt companies from paying taxes on unrealized gains from holding cryptocurrencies issued by themselves. Currently, profits from holding cryptocurrencies, including unrealized gains, are subject to approximately 30% corporate tax in Japan. Prime Minister Fumio Kishida's government will finalize the annual tax policy guidelines by the end of the year based on the decision. The government typically submits legislation to the parliament in January to rewrite tax laws for the new fiscal year starting on April 1.

Prior to this, the Japanese financial regulator proposed in August to relax the corporate tax rules on crypto assets and impose looser taxes on individual investors to support Prime Minister Fumio Kishida's efforts to revive the economy.

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