Japan Officially Removes Taxes from Purchase and Sale of Bitcoin

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by Kenneth Schortgen, The Daily Economist:
On July 1, a new law went into effect which removes all taxation from the buying and selling of Bitcoin in the nation of Japan. And with their already having recognized the cryptocurrency as a viable medium of exchange within their monetary system, the world’s third largest economy has moved another step closer to recognizing Bitcoin as a legitimate currency.

Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.

In a report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” Deloitte previously revealed that virtual currencies including Bitcoin were set to be exempt from the eight percent consumption tax in Japan.

Deloitte’s report read:

“The supply of virtual currency will be exempt from Japanese Consumption Tax (“JCT”). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. 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.” – Coin Telegraph

Read More @ TheDailyEconomist.com

6 COMMENTS

  1. Once again it looks like Bitcoin gets a free pass and is rolling VIP. Just like the EU giving it a pass a couple years ago deciding to NOT add a value added tax. Bitcoin, Etherum and Ripple are the Illuminati coins. Yes I own them and shame on me…. All three have government and banking ties. We are marching into a new system where thingS of most value will be strictly untouchable and very traceable. The world is going fully virtual. How does this tie into lower PM prices. Cheap silver is the primer for this technological society which allows the Elite to gain more surveillance control. Without cheap technology and the internet surveillance capabilities would be greatly diminished. People keep saying what happens if the internet shuts off. The Elite would never allow that to happen bc they would lose the power (no pun intended) to spy on every single person in the digital world. The internet gives us power but it also gives Elite power to control the masses from a far.
    Digital cash is a bankers wet dream. A new system is approaching as predicted in the Economist 1988 issue “Get ready for a new world currency.” I made a lot of money off of crypto but the truth is the truth. People need to know what they are really getting into. It’s a honey trap. The war on terror will be the perfect excuse requiring everyone to have digital crypto wallets issued by either a bank or a government. It will contain all your Biometrics. The masses will be herded into crypto by the digital gold rush that is approaching. You ain’t seen nothin yet.

    https://www.youtube.com/watch?v=84va6jCZWhE

    • Good commentary Matrix. I viewed the presentation you linked yesterday by Starikov and again offer here. I encourage people to read and ponder what this man has to say.

  2. Price of Bitcoin was $432 when I made this videohttps://www.youtube.com/watch?v=9pEK94qMSGA

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