Bitcoin is taxed up to 110% in Japan

[mirakal]

What they do is just a way of discouraging people for using bitcoin but I don't think they will win this, as people will still find a way to use and invest in bitcoin despite the risk. In fact, the situation is not looking good, and much more if they increase again next year.

Now, I could still imagine that they will become more strict in implementing rules about cryptocurrency until it reaches the point that nobody is brave enough to use crypto anymore.

I'm glad that I was not living in Japan, or else I could feel how they felt.
 

[RockBell]

I couldn't believe what I read but it's true. In Japan, if you sell a crypto, you have to pay 55% any gain you make from it but that's not the end of nightmare, that's the start and a true nightmare starts when you receive a crypto inheritance. An inheritance tax is maxed out at 55%, so, if we combine inheritance tax, income tax and local resident tax, the person who got crypto as an inheritance will pay up to 110% taxes, which means that you pay 10% more than what you got.

The government is not trying because taking such amount of profit is just very discouraging because of what way are they helping, as see the amount placed just to tax people this is just a way of discouraging people from doing it because, eaten from were they did not invest, amd with all this bills to pay is enough to make a person feel better because is just as if the more you make money the more you have to remit to the government it is just painful thay it's this way.

LOL. I assume they did it to catch illegal crypto users. They did not want to allow cryptocurrency in their country, but they were forced to do so because they had to follow what the entire world was doing. So they allowed cryptocurrency and made a rule so no one can use cryptocurrency. I have heard a couple of times from my locals that we are happy that crypto is banned here. I guess I have said that somewhere as well. I would say, it is better to keep it illegal than making it legal and charging 110% tax on it.

And am sure that they will take the arrest of of those invading tax seriously because of the kind of amount they will be getting and they need to seriously consider how they want to be billing people this much, if they don't want T crypto currency must they charge people this high people that stay in this countries and do crypto how do they coupe because after making profit then you are this charged, you have a point the moment they make ot legal they just opened more door to the government for heavy tax.

[Synchronice]

I couldn't believe what I read but it's true. In Japan, if you sell a crypto, you have to pay 55% any gain you make from it but that's not the end of nightmare, that's the start and a true nightmare starts when you receive a crypto inheritance.

Well, what can I say. This is greed and short-sightedness on the part of governments in some countries. Or is it discrimination? To scare the population from investing in crypto. If citizens of a country become richer, this makes the country richer. Isn't that so?

Yes, that's true. When citizens are rich, people are happy, crime rate goes down, they have more motivation, more feeling of security and the life goes on very well, there are many good examples of that but sadly, there are people and nations that don't realize benefits of everyone having a high quality of life instead of a few elite people. This move of Japan is very stupid, instead of motivating their people to adopt Bitcoin and Japanese turning into crypto hub or one of the highest crypto holder, they are doing the opposite.

It's clickbait at best.
And wrong at worst.

Let's hope it's a clickbait. Doesn't really make sense to pay 10% of your inheritance, it sounds like a curse.

[nelson4lov]

It's sad how far these governments will go to make Bitcoin a terrible experience for most people.  How do you tax 55% of the gains? It's also very selfish that government take a cut of the gains but they never provide any support when the reserve is the case. If this isn't enough ground for tax evasion, I don't know what is.

[o48o]

You can not mix it up.

If it is capital gain tax, it is it. If it is inheritance tax, it is another one. Different countries have different tax policies on different things like capital gain, inheritance.

Highest and Lowest cryptocurrency tax countries.

Rank	Country	Tax rate
1	Japan	Up to 55%
2	Belgium	Up to 50%
3	Canada	Up to 33%
4	United States	0% - 37%
5	United Kingdom	Up to 45%
6	Spain	Up to 47%
7	Denmark	Up to 52.1%
8	Netherlands	Up to 49.5%
9	South Africa	Up to 45%
10	Ireland	Up to 40%
11	Israel	Up to 53%
12	Austria	Up to 55%
13	Italy	Up to 43%
14	Norway	Up to 22%
15	India	30% flat tax on crypto assets + 4% cess + surcharges + 1% TDS
16	France	Up to 45%

How is Norway on that list when there are countries that have bigger crypto tax that are not on the list? From the top of my mind Sweden has 30% and Finland had 30% - 34% for a long time now.
I had to google Iceland and that has 40% - 46%. I am willing to bet there has to be several more over Norway.

But it's not like these numbers stay unaltered. They can change radically when governments change their positions on crypto.

[ultrloa]

I couldn't believe what I read but it's true. In Japan, if you sell a crypto, you have to pay 55% any gain you make from it but that's not the end of nightmare, that's the start and a true nightmare starts when you receive a crypto inheritance.

Well, what can I say. This is greed and short-sightedness on the part of governments in some countries. Or is it discrimination? To scare the population from investing in crypto. If citizens of a country become richer, this makes the country richer. Isn't that so?

Yes, that's true. When citizens are rich, people are happy, crime rate goes down, they have more motivation, more feeling of security and the life goes on very well, there are many good examples of that but sadly, there are people and nations that don't realize benefits of everyone having a high quality of life instead of a few elite people. This move of Japan is very stupid, instead of motivating their people to adopt Bitcoin and Japanese turning into crypto hub or one of the highest crypto holder, they are doing the opposite.

Maybe they don't actually have plans to motivate people to use crypto? Its because for having such high tax rate for sure they know it discourage people to use or transact crypto in their country. Maybe this is simple way for them to minimize the usage of crypto in their country without creating to much drama to many people using it.

For sure this one doesn't give any benefit to the people who use crypto in their country but let see again if there's certain changes that will happen since for sure look forward for their government to have fair implementation of law for crypto users in their country.

[milewilda]

I couldn't believe what I read but it's true. In Japan, if you sell a crypto, you have to pay 55% any gain you make from it but that's not the end of nightmare, that's the start and a true nightmare starts when you receive a crypto inheritance.

Well, what can I say. This is greed and short-sightedness on the part of governments in some countries. Or is it discrimination? To scare the population from investing in crypto. If citizens of a country become richer, this makes the country richer. Isn't that so?

Yes, that's true. When citizens are rich, people are happy, crime rate goes down, they have more motivation, more feeling of security and the life goes on very well, there are many good examples of that but sadly, there are people and nations that don't realize benefits of everyone having a high quality of life instead of a few elite people. This move of Japan is very stupid, instead of motivating their people to adopt Bitcoin and Japanese turning into crypto hub or one of the highest crypto holder, they are doing the opposite.

Maybe they don't actually have plans to motivate people to use crypto? Its because for having such high tax rate for sure they know it discourage people to use or transact crypto in their country. Maybe this is simple way for them to minimize the usage of crypto in their country without creating to much drama to many people using it.

For sure this one doesn't give any benefit to the people who use crypto in their country but let see again if there's certain changes that will happen since for sure look forward for their government to have fair implementation of law for crypto users in their country.

Each country does really have that different way of governance on everything on which this one includes taxation on which we know that this is really that something that do really happens out and if Japan did really make out some decisions about raising up their taxes on using up Bitcoin then it will really be that up into their own choice but its true that once that this things happen then you could expect that the citizens will really be having in doubts about using it out. So it will be that just still basing up into someones decision whether they will be dealing up with that 110% tax or not as long they can be able to make up some investments but actually these numbers are way too high and this will really be that discourages for the people to make up some dealing with it. I cant remember up well if Japan is pro crypto or not but on the way of their actions that they do have now then it is really that lessening up the overall recognition and adoption because of these high taxes. If ever they do made out such decision then pretty sure that they might be that into some coins on which they might mainly adopt and having that much lesser % when it comes to taxes? No one really knows on which that each country government does have their own stance about crpyotcurrencies and if ever they would be deciding on dealing one then they do really that simply introduce it out or simply accumulating in secret or silent.

[Shishir99]

Highest and Lowest cryptocurrency tax countries.

I was really shocked to see that most developing countries actually charge huge taxes on cryptocurrency. What the hell is wrong with the government and how do they think they are crypto-friendly? Anything over 15-20% is excessive. Norway is kind of ok with the crypto tax, but the rest of them are charging way more taxes. If the government really wants to consider itself crypto-friendly, it should not charge more than 20% tax on crypto. At first, they do not want to admit crypto as a money, but they want my money when I make profit from it. What the fuck?

[betswift]

Highest and Lowest cryptocurrency tax countries.

I was really shocked to see that most developing countries actually charge huge taxes on cryptocurrency. What the hell is wrong with the government and how do they think they are crypto-friendly? Anything over 15-20% is excessive. Norway is kind of ok with the crypto tax, but the rest of them are charging way more taxes. If the government really wants to consider itself crypto-friendly, it should not charge more than 20% tax on crypto. At first, they do not want to admit crypto as a money, but they want my money when I make profit from it. What the fuck?

Taxes.
The thing that every government craves like sugar to their tea.