Japanese Crypto Investors To Pay Tax Of Up To 55 Percent On Profits
Japanese Crypto Investors To Pay Tax Of Up To 55 Percent On Profits
The Japanese National Tax Agency had already ruled “last year” that capital gains on transactions of virtual currency are considered “miscellaneous income,” Bloomberg writes.
The tax on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the higher percentage tax applying to those who earn more than 40 mln yen a year (about $367,600).
In comparison, South Korea had announced in Jan. that crypto exchanges will be taxed 24.2 percent, in line with the existing tax policy for corporations.