Collect taxes? Japan’s parliament members offer bitcoin tax relief

Collect taxes? Japan’s parliament members offer bitcoin tax relief

According to Japanese media reports, Japan’s Liberal Democratic Party member of our Hojo (TsukasaAkimoto) suggested Japan Qiu yuan relief bitcoin consumption tax, consumers can buy bitcoin 8% consumption tax exemption.

A budget committee hearing Beitiao in Japan’s lower house of Parliament Secretary Qiu yuan to the Japanese finance minister Taro Aso (TaroAso) ask: “I do not know whether you can consider bitcoin exempt from consumption tax, which is more in line with the international trend.

Taro Aso responded that Japan is not the only country to bitcoin [tax] “, and lists of Australia including virtual currency bitcoin tax.

However, the Japanese domestic opposition to digital currency or other tax virtual currency is rising.

Bitcoin dealers and consumers unfavorable

On the current situation, the personal use of yen to buy bitcoin in Japan bitcoin exchange to pay 8% of the consumption tax, the tax levy and almost physical goods. Such a high tax rate will inevitably reduce the Japanese people and bitcoin enthusiasts into the virtual currency field of passion. For dealers, this is one disaster after another.

Although the asset into the coast of Japan, the consumption tax levied by the customs, but outside of Japan bitcoin exchange company or can still sell bitcoins to Japanese buyers with cheaper price. Although the tax to be levied on imported goods imported, but bitcoin, does not yet have a specialized regulatory agencies to track from the inflow of foreign currency.

No Yumi (YuzoKano) is responsible for the Japanese digital assets Bureau, Japan digital assets bureau is a group of Japanese industry is composed of virtual currency. He said: “the Japanese anti international tide, the tax would undermine Japan in this competition. We need to create a fair competition environment for fair competition, let the dealer dealers in Japan and abroad.”

Last October, the EU court ruling, coins and other virtual currency transactions will be exempt from value-added tax (VAT). In the group of seven major industrialized countries, only Japan bitcoin tax.

Mt.Gox CEO and Mark MtGox collapsed around the card? A series of events in Cyprus prompted the Japanese government began to seriously consider bitcoin regulatory matters. Last week, the Nikkei newspaper reported, Japanese regulators have put forward such bitcoin digital currency as payment, which will make the digital currency in law is equivalent to the traditional currency. It is reported that Japan’s financial services agency (FSA) to consider whether to amend the legislation, the definition of digital currency “monetary function”.

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