Japan’s ruling party proposes ending taxation on unrealized gains from cryptocurrencies, a move expected to boost the web3 industry.
Explore Divly’s controversial Global Cryptocurrency Taxation Report, which claims only 0.5% of crypto investors paid taxes in 2022, and learn why tax experts question its accuracy.
But according to the proposal, income made from crypto assets held for one year or more will continue to be tax-free.
The economist-legislator also noted that the goods and services sold digitally “should not need any further legislation to be covered.”
Sign up with your email and never miss another crypto and NFT story from the Philippines and beyond! Additional reporting from Michael Mislos Tax expert Mon Abrea said financial agencies and regulators must first implement a defined mechanism for cryptocurrency before proper taxes can be collected from it, noting that while there is no clear…
Diokno noted that the DOF must focus mainly on the government’s tax administration during the first year of President-elect Ferdinand R. Marcos Jr.
The incoming Marcos administration must first clarify the tax treatment of cryptocurrency transactions.
PDAX and Taxumo conducted a crypto tax 101 webinar to answer the Filipino Axie Infinity player and crypto enthusiasts’ burning questions about crypto taxes.