The authorities of Japan established for cryptotraders an income tax at the rate from 15% up to 55%. The maximum rate will be paid by investors with revenue of $365 thousand and above.
In 2017 the National tax agency of Japan declared that income from operations with digital money belongs to the category of “different receipts”. Investors are obliged to enter information in annual tax declarations which need to be submitted from February 16 to March 15.
It is also remarkable that the size of an average rate on income tax from operations in the share and currency markets is much less, than on cryptocurrency, and makes about 20%.
As the head of the consulting company Shiodome Partners Tax Corporation Kengo Makava noted, the new legislation led to the fact that a part of large cryptocurrency investors had already left Japan, had moved to the countries where this sphere wasn’t taxed, for example, to Singapore.
We will note that growth of receipts in the budget of Japan can significantly increase as in recent months cryptotrading has made about 40% of all auction in the country. At the same time, some aspects of the new taxation in Japan remain not clear.