Revised Tax in Effect From Today In Japan, Giving Residents ‘Access to Global Markets’
Bitcoin Exempt from Consumption Tax in Japan
The Japanese government has approved the exemption of digital currencies, such as bitcoin, from consumption tax. The “Cabinet Order for Partial Revision of the Order for Enforcement of the Consumption Tax Act” effective July 1, 20017.
However other taxes such as personal income tax, capital gains tax, or corporate income tax still applies to digital currencies.
Some of the implication is that it will reduce the cost of buying bitcoin and it will have positive psychological effect on Japanese towards the use of cryptocurrience
Australia Removed Bitcoin Double Taxation on July 1
Australia has also enacted a legislation that has led to less taxation of digital currencies. “Australia’s GST (Goods and Services Tax) is equivalent to the consumption taxes in other parts of the world,”
Effective July 1, the government announced in its 2017-18 budget that digital currencies will no longer be double taxed.