Japan 8% Consumption Tax ending on bitcoin July 2017
- Dec 11, 2016 | Richard Asquith
Japan is considering removing the liability to pay 8% Consumption Tax on bitcoin purchases from 1 July 2017.
The charge on crypto currencies trading is believed to be limiting the development of the country’s digital economy. Japan is one of the few major economies to still charge an indirect tax on trading of digital, virtual currencies. The European Union ruled that trading should be exempted from VAT since bitcoin is ‘private money’, and therefore an exempt financial service.
The exact date of the tax exemption will be confirmed in the New Year.
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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax
Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara