Japan following China's lead? Tax laws led to firms leaving the nation
Japan recently approved a law that changed the tax levied on companies that were involved in the crypto space. It seems that the government has noticed the grievances of these firms but is not doing anything to help them. As a result, the firms are now leaving the nation to seek haven in crypto-friendly nations.
High taxes in Japan
As per a report, the government of Japan approved a tax law on December 10 for 2022, which declared token listings as taxable. This means that once any token is listed on the market via their platform, the entity listing the token will have to pay taxes regardless of whether the token sells or not.Furthermore, any firm listing some part of their crypto portfolio on exchanges and keeping the remaining portion in a vault will have to pay taxes on the tokens it has kept in the vault if their value appreciates.
It is to be noted that if any firm in Japan, mostly startups, doesn't have the amount to pay taxes, they are forced to sell their tokens in the public market, which affects the price of the token as well as the overall health of the startup.
Taxes up to 55%
Firms that earn from crypto are taxed as high as 55% as they fall under miscellaneous income. Comparatively, the tax on stocks is 20% in Japan. It seems that such laws are disrupting the growth of blockchain-based projects in the country."They [politicians and lawmakers] need us to find actual business cases," said Takeshi Chino, managing director of Kraken Japan.
Meanwhile, it is not possible to find business cases with such high taxes. As per CoinDesk, Mai Fujimoto, founder of Gracone, a blockchain and cryptocurrency consulting company, said that she has eight firms in mind who have left Japan due to the high crypto taxes.
The Financial Services Agency (FSA) has approached Japan Cryptoasset Business Association (JCBA) to talk on the matter while Japan prepares for its digital yen.
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