In a recent cabinet meeting on the 22nd of December, the Japanese government finalized the crypto tax reform outline for fiscal 2024. This reform comes with a significant amendment impacting corporations holding crypto assets. The amendment removes the period-end mark-to-market valuation tax previously applied to corporations holding third-party-issued crypto assets (virtual currencies).
As a result, corporations will now be taxed solely on profits from the sale of virtual currencies and tokens, aligning with the tax system for individual investors. This amendment aims to alleviate the tax burden on corporations involved in holding and operating crypto assets.
Japan Ends Crypto Tax On Unrealized Profits
The revision alters the application scope of period-end mark-to-market under the Corporation Tax Law. Previously, corporations recorded profits or losses based on the difference between market value and book value of crypto assets at the fiscal year-end. The new policy excludes this mar
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