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The Prime Minister of Japan plans to lower the cryptocurrency tax rate to 20% through an economic stimulus plan.
Foresight News reports that Japanese Prime Minister Shigeru Ishiba has promised to launch a bipartisan discussion on comprehensive tax reform, including the unified adjustment of the Cryptocurrency tax rate to 20%, replacing the current highest floating tax rate of up to 55% for 'miscellaneous income'. The economic stimulus plan is expected to be approved by the end of 2024. The reform proposal also includes raising the individual tax-free income threshold from $6650 to $11345, while reducing fuel and sales taxes.