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Author: brayden lindrea, cointelegraph; compile: five baht, Bit chain view world
The Japan Democratic Progressive Party (DPP) leader Yuichiro Tamaki proposed a cryptocurrency tax plan that would reduce cryptocurrency income tax to 20%if he was elected.
Tamaki said in a translated X post on October 20: “If you think that encrypted assets should be levied 20%of taxes, instead of treating it as a miscellaneous income, please vote to the Democratic Party.”
However, the plan may be far away from realization, because the DPP led by TAMAKI currently occupy only 7 seats in the 465 seats of the 465 seats of the Japanese House of Representatives (also known as the Japanese National Assembly).
Taxes of 20% of cryptocurrency income will keep them consistent with the tax payment paid by the stock market.
According to TAMAKI’s plan, a type of encrypted asset transaction will not trigger taxes when an encrypted asset is as an encrypted asset.
Tamaki emphasized: “If you can publicize these commitments made by the Democratic Party for the people, I will be grateful.”
DPP’s policy statement.Source: DPP
Tamaki said in response to the X user Shonai Dog that the DPP will consider implementing tax cuts on other financial income in the future -but at present, its focus is to make Japan the leader of the web3 field:
“We hope to make Japan a strong country for web3 business.”
The Japanese election will be held on October 27.The main proposition proposed by the DPP to voters is to increase the salary to fight inflation.
Earlier this year, on August 30, the Financial Services Agency released a plan to make comprehensive reforms on the country’s 2025 Taxation Law, including the terms of reducing encrypted asset taxes.
Japan’s cryptocurrency profits are currently taxed at 15% to 55% of miscellaneous income, depending on personal income.
According to the data of the encrypted tax company Koinx, the individual encryption tax of more than 40 million yen ($ 268,000) can reach up to 55%.
In contrast, the maximum tax rate for stock transactions is only 20%.
At the same time, corporate cryptocurrency holders must pay a unified tax rate of 30% of the assets held at the end of the fiscal year -even if they have not made a profit.
A recent public opinion survey of the local news media “Daily News” shows that the opportunity of the DPP led by Tamaki’s winning Japanese elections is minimal.
The Liberal Democratic Party and its alliance partners are expected to retain a majority of 465 seats, while the DPP’s seats may increase from 7 to 20.
