Japanese Crypto Investors To Pay Tax Of Up To 55 Percent On Profits 😱

[qqwx]

A lot of profit given order from National agency.
News published on cointelegraph.
Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year, Bloomberg reports Thursday, Feb. 8.

The Japanese National Tax Agency had already ruled “last year” that capital gains on transactions of virtual currency are considered “miscellaneous income,” Bloomberg writes.

That's really shocking.

[cogent.tolik]

Pretty big tax when paying 55% of the profits. But 15% is not very noticeable.

[fiulpro]

I don't think 55% is what everyone would agree on ..since it's more than the income that they are earning !.
It's insane ..
I don't know who gave them this idea but I don't think anyone would accept it.
Government sometimes makes bad decisions and its not compulsory that we need to accept it..
I do think that people must stand against it.

[qqwx]

Pretty big tax when paying 55% of the profits. But 15% is not very noticeable.

Yes, I also think its so big amount of profit.
But if the news true, its so sad. So, its not good decision of national tax team.
Yes, then 15% not very high.

[avikz]

Absolutely! There are tax slabs. Not everyone will have to pay 55% tax. Also the percentage of tax is on the profit amount and not on the entire holding. Only people with annual earnings of 40 million yen ($365,000) will have to pay this staggering amount. Otherwise the tax slab starts from 15% which is pretty manageable and lower than many other Asian countries. I feel sad for the rich investors though because 55% tax amount is just too high. But considering Japan is one of the most progressive nations of the world, will keep the door open for further discussion.

This is the first year for Japan to earn on crypto taxes. based on the collection and the feedback from the investors, they may alter the tax rate in future or even change the framework. No reason to panic just as now because Japan is the first country to legalize crypto so we better have some patience before shouting anything false.

[yoseph]

A lot of profit given order from National agency.
News published on cointelegraph.
Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year, Bloomberg reports Thursday, Feb. 8.

The Japanese National Tax Agency had already ruled “last year” that capital gains on transactions of virtual currency are considered “miscellaneous income,” Bloomberg writes.

That's really shocking.

That's just too much and i think that's the reason why most countries are rather regulating cryptocurrencies instead of banning them outright, they are making some good money out of it and through regulation they can stop things like tax evasion and money laundering.

[Cryptalking]

Thats just terrible. In the Netherlands they are charging around 0.9% for amount till 100k and around 1.9% for amounts above that... i wonder where this is going

[Washball]

This is the price we pay for regulations and legalizing. Of course there are different scales of tax percentages, the more you earn, the more tax you pay. That's just fair.

[gentlemand]

How does this compare to tax rates in other areas? I presume it's the same as I doubt the Japanese government is going to create extra tax burdens just for this. It looks like they certainly are expecting a nice windfall from a crypto explosion. That's a whole lot of tax waiting to be collected. Belarus, here they come.

[Xbokal]

Japan is really into cryptocurrency unlike other countries like china and south korea. I think this is the government's way to increase japanese economy

[CisColtz]

It's still the early ohase of regulations so I think it will go down under 20% because let's be honest , 55% its insane and if may scare the investors and this might result in another crash of bitcoin price.

[21millionsbtc]

why they left to rest 45 percent they can take rest 45 percent and make in total 100 percent tax on bitcoin profits

[Shrinath]

This is the first year for Japan to earn on crypto taxes. based on the collection and the feedback from the investors, they may alter the tax rate in future or even change the framework. No reason to panic just as now because Japan is the first country to legalize crypto so we better have some patience before shouting anything false. However, There are tax slabs. Not everyone will have to pay 55% tax. Also the percentage of tax is on the profit amount and not on the entire holding. Only people with annual earnings of 40 million yen ($365,000) will have to pay this staggering amount. Otherwise the tax slab starts from 15% which is pretty manageable and lower than many other Asian countries. I feel sad for the rich investors though because 55% tax amount is just too high. But considering Japan is one of the most progressive nations of the world, will keep the door open for further discussion.

[Sevarchik]

Maybe 55% if you have 1 trillion dollars profit. I think now big investors search ways how to fool government