Japan Relents, Will Kill Sales Tax on Bitcoin Buying
In what will come as welcome relief to bitcoin adopters in the country, Japan is set to end its 8% ‘consumption tax rate’ imposed on buyers of bitcoin through digital currency exchanges.
Japan is now looking to end the sales-tax collection on transactions related to purchases of virtual currencies like bitcoin, come spring.
A report from Japanese publication the Nikkei Asian Review reported that discussions between the Japanese Financial Ministry and the country’s Financial Agency this year is expected to end in a formal decision by the end of the year. A ruling-coalition tax panel will join the talks, with the decision expected to be one in favor of bitcoin and cryptocurrencies.
Japan is the sole economy among the seven major industrialized nations in the world to tax bitcoin buying. Discussions to end the tax began earlier this year when a member of Liberal Democratic Party, Japan’s ruling party, asked Japanese Finance Minister Taro Aso during a Parliamentary session meeting:
This post was published at Crypto Coins News on 12/10/2016.