Japan's tax reform law that officially eliminated the consumption tax on the bitcoin trade came into effect on July 1. The bitcoin trading activities are expected to increase in Japan after the new rules.
In a report titled Japan: Inbound Tax Alert, 2017 Tax Reform Propositions, Deloitte revealed that digital coins including bitcoin would be exempt from excise duty of 8 percent in Japan.
Translated part of the Deloitte report says:
The supply of digital coins will be exempt from Japanese consumption tax ("JCT"). Currently, digital coins such as bitcoin do not fall into the category of exempt sales, and as a result, the sale of the currencies in Japan was treated as taxable for purposes of the JCT. Following the enactment of the amended settlement law in May 2016, which defined "digital coins" as a means of payment, the sale of digital coins as defined in the new fund settlement law would be exempt from the JCT. This change will apply to sales / purchases transactions made in Japan after July 1, 2017.
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Immensely good! This will only increase Bitcoin's value and by proxy, altcoins.
Consumption tax is 8%, meaning every trade took 8% out of it.
Good move from Japan which has already taken a shine to Crypto.
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Great news :) Japan's taxation system is hilariously complicated and filled with exciting loop-holes - for instance domestic alcohol companies can get away with selling 9% cans of mixed alcohol for a few dollars.
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Somehow this news about legalizing bitcoin is good and bad at the same time for us and for people who lives there using bitcoin. The news is good because it might boost bitcoin's growth and it will be used by more people soon because it will be legalized by South Korea, therefore many who lives there might try to use bitcoin too. The bad news is that bitcoin would be regulated there and also it will be taxed. Anyway this is only a bad news for people living there that use bitcoin before this happened.
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