Japan exempts bitcoin from Consumption Tax
- 1 April 2017 | Richard Asquith
The Japanese government has approved the exemption of digital currencies, such as bitcoin, from Consumption Tax.
The boost for virtual currencies reflects similar changes in the EU and many on other countries. The exemption from Japan’s 8% indirect tax regime recognises bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value.
The measure will come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
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