On Saturday, July 1, the revised consumption tax law went into effect throughout Japan, and bitcoin transactions no longer incur consumption tax of 8%. On the same day, Australia also ended bitcoin double taxation. In an interview Yuzo Kano, CEO of the largest Japanese bitcoin exchange by volume Bitflyer, to find out the real implications of this change in Japan.
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” went into effect on July 1. Bitflyer explained:
Effective July 1, 2017, virtual currency transactions [purchases / sales] will become exempt from consumption tax.
Read more here: http://www.altcointoday.com/japan-bitcoin-tax-exemption/