Report to tax agencies: a Profit of 331 Japanese cryptocurrency investor reached 1 million dollars each

Report to tax agencies: a Profit of 331 Japanese cryptocurrency investor reached 1 million dollars each

According to the National tax Agency of Japan (NTA) last year 331 cryptocurrency investor has registered a profit of $ 1 million. USA obtained through trading. Total income exceeded $ 331 million. USA.

By the end of 2017 21.98 million the Japanese paid taxes in the amount of 41.4 billion yen. NTA noted that the amount of taxes collected last year increased by more than 3 percent compared with the year 2016. It is connected mainly with the improvement of the economy of Japan.

From 21.98 million individuals reporting income to the state, 549 has registered a profit of $ 1 million. The United States, which was obtained through investment in stocks, assets, commodities and real estate. Of the 549 people were 331 cryptocurrency investors with millions of annual profit.

In 2017, the Japanese government, the financial services Agency (FSA) and the NTA announced that local bodies monetary-credit regulation will impose a tax of 55% investment income, especially in the case of people who earned more than 40 million yen (approximately $365 000).

But the Japanese government has not clarified its policy towards cryptocurrency taxes, and investors have acknowledged their distrust of the cryptocurrency market.

“The government has not explained clear provisions regarding the taxes related to cryptocurrency. Therefore, we have no absolute certainty that we did everything right,” said technology consultant Hiroyuki Komiya.

Previously in U.S. tax Agency and local financial authorities have challenged companies such as Coinbase, cryptocurrency to force investors to pay taxes. In Japan, however, NTA stated that each of the 331 investors voluntarily filed tax return.

However, some experts of cryptocurrency industry are convinced that the figures are too low to be true. Most likely, many investors have kept their cryptocurrency profits in secret.

“Given the rapid growth of the cryptocurrency sector at the end of 2017, 331— a number too low to be true. A large part of the crypto investors did not declare their income to the government, ” — said one of the analysts.

Follow South Korea’s example of Japan?

Last year, the South Korean government has banned local investors to invest in local ICO, to “minimize the risk”. However, in the beginning of this year, after the announcement of Kakao and Bithumb about the conduct of the ICO outside of South Korea, regulators have announced plans to legalize the local ICO, but only after the development of appropriate policies of taxation.

“The government of South Korea has no other choice but to follow the regulatory framework and the trends established by other leading governments. Although the cryptocurrency and there is a certain negative reputation, the government’s position is to allow what should be allowed, in the interests of the South Korean market, ” — said the official representative of the government of South Korea.

News tags
Let's Disqus