Taxation in Japan

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The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns.

New government data shows a surge in tax revenue in fiscal 2017, to ¥58.7 trillion, the result of strong economic growth. Yet with tax rises on the horizon, increased revenues could be under threat as history has shown that tax hauls are especially vulnerable to economic conditions, a fact that makes some experts wary.

Japan’s tax revenue for the fiscal year that ended in March reached its highest level in 26 years, on the back of an economic recovery.

A new taxation rule on virtual currency transaction is currently being proposed by the Japanese Deputy Prime Minister and Minister of Finance, Taro Aso. The new rule will change the current tax rate to a flat rate of around 20%, similar to stocks and forex trade taxes.

Chinese and Indian gamblers may have to pay income tax on their winnings at casinos in Japan, while those from the United States and South Korea could get a “free pass” here. And anyone who enters a Japanese casino could be strictly monitored to prevent money laundering.

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