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The latest report reveals that the Tokyo government is set to introduce a new encryption system to prevent people from escaping the huge tax on profits created by cryptocurrency. According to the related source on the subject, the National Tax Agency (NTA) will request information on cryptocurrency transactions that have evaded taxes on their crypts earnings.
Suspicions of tax evasion and new tax system
The new tax evasion system on the crypt will start in the next fiscal year in Japan, from April 1st to March 31st.
It has been previously informed that the income derived from the cryptocurrency is considered as the miscellaneous income that falls under the income tax law. Paid people with a minimum income of 200,000 yen per year must declare the matter and consider it as income.
Following the new reform, exchanges of Japanese cryptocurrencies will be responsible for legally sharing information about their customers who must include the customer's name, his address and 12-digit personal identification numbers. However, the year 2018 was an eruption for almost all users of the crypto market, but in the year 2017, over 300 people earned at least 100 million, according to data collected by the NTA. This is because, during 2017, bitcoins and other cryptocurrencies fired at highs and this year traded with a negative chart.
For now, only people who have earned at least 10 million yen through encrypted transactions and even if the authority believes that the person denies disclosing at least half of that income, they must share their information. Individuals with less than 10 million yen or those who look like small holders do not have to worry.
Japan has been in the cryptic bulletin for quite a long time – at the beginning of the year, the Japanese financial services agency (FSI) has established a self-regulatory status that allows industry leaders to form rules and safeguard customers' assets and prevent possible money laundering activities.
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The Japanese cryptocurrency evaders will soon be revealed
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The latest report reveals that the Tokyo government is set to present a new cryptocurrency system to prevent people from escaping the huge tax on profits created by cryptocurrency. According to the related source on the subject, the National Tax Agency (NTA) will request information on cryptocurrency transactions that have been subtracted from taxes on their encryption gains.
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tabassum
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Coingape
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
