Miner.farm Crypto Currency Community Forum
Browse and post your favorite coin/crypto news, miner.farm and PiMP OS updates and announcements, mining guides, overclocking tips, and more...
- Configuring the rig: Help / Getting started videos
- How to fix problems: Troubleshooting guides
- How to mine different algos / setup wallets: Strategy guides
- Keys and Downloads: your Miner.farm account page
- Post your rig pics to the rig showcase so we can all check out your awesome builds!
- Please subscribe/like/follow us on social media
Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax
The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns.
NTA to Devise Simplified and Automated Tax Return Filing Method
Together with the Financial Service Agency and cryptocurrency related organizations, the NTA has reportedly said a simplified tax declaration method, which would automatically calculate profits made by selling virtual currencies and tax returns, is currently underway.
The NTA also urged private companies to utilize the software which can automatically calculate profits and losses made in cryptocurrency, and encouraged them to properly pay taxes, insisting the complicated tax payment method is now improved.
Earlier in April, the NTA held study sessions together with the FSA and Japan Blockchain Association aiming at exchanging opinions and thoughts on cryptocurrency tax filing methods. After a few of these study sessions, which are to be held until the end of 2018, the NTA intends to come up with a solid and concrete tax policy before next year’s tax return.
Simplifying Cryptocurrency Tax Calculation
Most of the difficulties for calculating profits obtained after selling cryptocurrencies relate to the different methods used by each crypto exchange for transaction history data storage. The NTA also pointed out the difficulties of managing distorted tax returns and cheating.
The NTA intends to solve these issues altogether by putting in place software capable of automatically calculating profits and losses and publicizing this service in support of tax returns made on crypto income mainly for IT companies.
Profits made after selling crypto would correspond to miscellaneous income. A tax return will be required to be filed for general company employees earning in crypto, if profits of more than 200 thousand yen ($1,800US) worth of crypto is earned between January and December of that year.
The crypto taxpayer’s burden would be eased only if the complicated calculation becomes automated. The NTA is also considering simplifying the tax declaration paperwork to ensure a secure tax payment system.
What do you think of Japan’s tax office improving the tax filing system for crypto earnings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax appeared first on Bitcoin News.
We promise to keep your email safe and never spam you.
© 2014-2020 Miner.farm | By Miners, For Miners | Portable Instant Mining Platform, LLC