In Japan cryptocurrency investors are obliged to pay taxes

The national tax Agency of Japan ordered the cryptocurrency investors to pay income tax in the amount of from 15% to 55%. The maximum rate applies to those whose annual income exceeds $365 thousand (40 thousand yen).

Last year, revenues from transactions with cryptocurrencies were recognized as “other income”. They are now included in the mandatory list should be disclosed in the tax returns that need to be filled in the period from 16 February to 15 March.

We will remind that as of the end of November 2017, 88% of respondents in the survey, which was conducted among 10 thousand citizens of Japan aged 20-69 years, said he has heard about bitcoins. While 56.2 per cent of respondents though had heard about bitcoin but don’t know what it is.

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