11 months ago

According to Reuters, Taro Aso – Deputy Prime Minister of Japan – has recently declared his intentions to set a uniform tax rate in crypto sphere.

At present, the main profits from crypto transactions are taxed as miscellaneous income. It means that the tax rate depends on the amount combined with other profits, such as wage.

Currently, the highest income tax rate is 55%. If Taro Aso’s idea is fulfilled, different types of income will be taxed independently at a uniform rate of 20%. Despite his desire to change the tax system, Aso thinks that public might not fully understand the necessity of changes.