• Mon, 22 Jul 2019, 08:50 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Japanese government seeks to simplify crypto tax filing system

Fri, 19 Oct 2018, 07:42 am UTC

The Japanese Tax Commission is seeking to simplify the tax filing system for cryptocurrencies to ensure that investors can report their gains accurately, CoinDesk reported, referring to a report from local news outlet Sankei.

Currently, investors in Japan have to declare their profits from the sale of cryptocurrencies, which fall under “miscellaneous income”, in filings to the National Tax Agency. The tax rates range from 15 to 55 percent depending on the actual amount of gains above a threshold of 200,000 yen per year (approximately $1,800).

On October 17, the commission held a general assembly meeting to discuss possible improvements to the filing process.

The current process of calculating profits from the sale of digital assets could be quite complex as the price of a cryptocurrency can vary on different exchange platforms. In addition, there is a lack of a standardized way in which these platforms store their historical transaction data.

The committee is reportedly considering a new system that would standardize the current process as well as simplify calculating tax on crypto profits against both fiat and other cryptocurrencies.

"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," Minoru Nakazato, president of the Tax Committee (as translated by CoinDesk).

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,324.90 (-1.75%)
  • Ethereum (ETH) $217.63 (-2.12%)
  • XRP (XRP) $0.322100 (-1.87%)
  • Litecoin (LTC) $95.07 (-3.39%)
  • Bitcoin Cash (BCH) $309.78 (-2.60%)
  • Bitcoin (BTC) $10,324.90 (-1.75%)
Jul 22, 2019 (Monday)
12:20
Crypto Technicals: IOT/USD recovery fails shy of 200-DMA, downside resumption likely
12:20
Former Token Foundry head begins process to sue Joseph Lubin for $13M
11:39
Blockchain firm R3 pushes for more Corda sales with new hire
11:26
South Korean citizen unaffiliated to Samsung files trademark application for 'Samsung Coin'
10:46
Former Russian crypto executive arrested in Italy
09:19
Blockchain startup Diana to launch 'lunar registry' to divide and tokenize the moon
08:39
Crypto Technicals: ETC/USD confirms 'Golden Cross' on hourly charts, eyes 21-EMA at 6.722
07:46
Iran finalizes power tariff scheme for crypto miners but no license for importing mining equipment yet
07:42
Crypto firm FairX closes digital doors due to lack of funding
06:34
Thailand shows less hostility towards Libra compared to other countries
06:23
European Central Bank official says calm down about stablecoin
05:42
No official ban on cryptocurrency yet, Indian Minister clarifies
05:16
Electric firm E.ON applies patent for blockchain-based data collector device
05:02
Accounting giant KPMG partners with Microsoft, TOMIA, and R3 for blockchain-based telecom solutions
04:06
Fidelity Digital Assets applies for trust license in New York: Report
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft