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Japan’s Prime Minister Fumio Kishida has come up with a new initiative to boost the country’s economy amidst the global economic slowdown. In the latest development, Japan’s financial watchdog proposed a relaxation of corporate tax rules for crypto assets.
This will lighter levies for individual stock investors to revive the country’s economy. This is seen to be supporting the government’s aim to reinvigorate the economy of the country.
In its annual tax-code change request announced Wednesday (August 31) the regulator proposed that companies should be immune from paying taxes for paper gains made on crypto coins that they hold after issuing them. The Financial Services Agency (FSA) also called for encouraging a programme that gives tax breaks to individual investors.
FSA proposal supports vision of “New Capitalism”
The move is in line with Japan’s PM’s vision of “New Capitalism”, which seeks to support the world’s third-largest economy. Fumio Kishida had promised to double the household’s wealth while providing support to help the Web3 businesses in the country to grow.
Crypto lobbyists say high corporate taxes provide an unfavourable business environment to new project launches in Japan
