On Saturday, July 1, the revised consumption tax law went into effect throughout Japan, and bitcoin transactions no longer incur consumption tax of 8%. On the same day, Australia also ended bitcoin double taxation. In an interview Yuzo Kano, CEO of the largest Japanese bitcoin exchange by volume Bitflyer, to find out the real implications of this change in Japan.
Bitcoin Exempt from Consumption Tax in Japan
The Japanese government has approved the exemption of digital currencies, such as bitcoin, from consumption tax. The “Cabinet Order for Partial Revision of the Order for Enforcement of the Consumption Tax Act” went into effect on July 1. Bitflyer explained:
Effective July 1, 2017, virtual currency transactions [purchases / sales] will become exempt from consumption tax.
Read more here: http://www.altcointoday.com/japan-bitcoin-tax-exemption/
glad to see crypto gain the attention of governments
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@steemcleaners
citing source doesnt fall under fair use as majority of content is plagiarized
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This is awesome. More growth for bitcoin coming soon. Just wish we could skip to November and just ignore all this softfork hardfork talk.
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Check out my blog on how these "forks" and the surrounding drama can benefit you: https://steemit.com/bitcoin/@avva/i-am-a-speculator-and-the-volatility-of-cryptomarkets-including-bitcoin-is-great-news
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Sounds like a step in the right direction to me. Anyone know what the deal is with India and BTC...are they going to tax it?
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