Japan takes measures against tax evasion in crypto segment

Posted 04 December, 2018

The Japanese government is about to enable the National Tax Agency to require crypto trading platforms to provide information about the customers that can be involved in tax evasion schemes.

At present, exchanges can share customer information with the authority on a voluntary basis under the effective rules. Meanwhile, the amendments to the legislation will change the situation and the platforms will have to provide an information upon the request of the authorities.

According to the news reports, Tokyo intends to green light tax service to demand data about the exchange users with crypto income exceeding JPY 10 million, while the exchange can fulfil the request only with the proofs of tax aversion (at least half of the income).

For reference, income from crypto trading in Japan is considered as other in miscellaneous income. Only income over JPY 200,000 ($1,800) per year is subject to declaration. Meanwhile, the statistics showed that more than 300 Japan residents got more than JPY 100 million over the past year.

As the representative of the National Tax Agency stated, the authority detects more and more cases of tax evasion in the crypto segment. The new rules are expected to be launched after the start of the fiscal period in April 2020.

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04 December, 2018 17:47

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