Japan is advancing a proposed economic stimulus plan, which may establish a uniform tax rate of 20% on cryptocurrencies.

Odaily Planet Daily reported that Japan will continue to advance its proposed economic stimulus plan, expected to be approved by the end of 2024, after Prime Minister Shigeru Ishiba promised to engage in bipartisan discussions to implement comprehensive tax reform.

The proposed tax reform measures include changes to income tax, corporate tax, and cryptocurrency tax. This represents a shift in the ruling party's policy, which had previously called for tax increases.

Japan's current policy on cryptocurrency taxation relies on a vague and variable "miscellaneous tax," which can impose taxes of up to 55% on transactions. The opposition party is calling for a unified tax rate of 20% on digital assets, along with other tax reduction measures.

Other tax reduction measures planned for discussion include increasing the tax-free income for citizens from $6,650 to $11,345, cutting fuel taxes, and reducing sales tax until the job market recovers by at least 2%. (Cointelegraph)