In today’s crypto news, we have the government of Japan and its recent efforts to simplify the current tax filing system for cryptocurrencies and therefore ensure investors to accurately report their gains. According to Japan’s Tax Commission, there must be a way to simplify the process through which residents of the country file their taxes in regards to their Bitcoin and altcoin investments.
During the general assembly held on October 17th, the commission discussed potential improvements to the process, as the regional news outlet Sankei.
The committee is apparently rolling out a new system that would make a lot of things regarding tax filing easier – and make it easier for taxpayers to calculate their profits on the sales of digital assets – when compared to fiat currencies and other cryptocurrencies.
As the president of the Tax Committee, Minoru Nakazato, stated during the assembly:
“Since it is necessary to take into consideration frameworks other than the taxation system and business practices, we will hold a small meeting of experts to deepen the discussion while listening to outside opinions.”
The president also said that the profits from the sale of cryptocurrencies currently fall under the category “miscellaneous income” where a sliding tax rate from 15% to 55% is applied, depending on the number of gains above a threshold of 200,000 yen ($1,800) per year.
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