Japan pushes forward with proposed economic stimulus package, could reach 20% flat tax rate on cryptocurrencies

Japan is set to move forward with a proposed economic stimulus package after Prime Minister Shigeru Ishiba pledged bipartisan discussions to implement a comprehensive tax reform, with approval expected by the end of 2024. The proposed tax reform measures include changes to income taxes, corporate taxes, and cryptocurrency taxes. This represents a shift in policy from the ruling party, which had previously called for higher taxes. Japan's current policy around cryptocurrency taxation relies on a vague and variable "miscellaneous tax" that can levy up to 55% on transactions. The opposition party has called for a flat 20% tax on digital assets, along with other tax cuts. Other tax cuts planned for discussion include increasing citizens' tax-free income from $6,650 to $11,345, cutting fuel taxes, and cutting sales taxes until the job market recovers by at least 2%. (Cointelegraph)