Japan Exempt Bitcoin from Tax

asia-21442_640Bitcoin is officialy exempted from consumption tax in Japan, thanks to a newly defined and revised law that abolished consumption tax on digital currencies.

In Japan, the consumption tax is currently 8% but Japanese Bitcoin users no longer have to pay this tax on their Bitcoin transactions since July 1st.

Deloitte Japan explained : “Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”

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