crypto tax

Crypto Policy in Japan

Tax Agency declares Crypto Policy in Japan

An announcement has been made by the Japanese NTA (Tax Agency) regarding the newly-released strategic policy for cryptocurrency tax. In the announcement, NTA has confirmed that any individuals who earn over $1,800 a year in cryptocurrency should declare their income tax returns. NTA also planned to simplify the cryptocurrency tax declaration for a better security of payment system.

Tax in Crypto Trading

Offshore Crypto Trading Included in Australia’s Tax Obligations

The Australia Tax Office (ATO) has made it clear that investors who are trading cryptocurrencies offshore are not exempted from tax obligations. The deputy commissioner of ATO, Martin Jacobs explained, “We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment.”

Cryptocurrency Market News

Joint committee to curtail crypto tax evasions

The tax authorities from five countries have formed a Joint Chiefs of Global Tax Enforcement (J5) consortium. The alliance is aimed at curtailing tax evasions and money laundering activities. The group is also aimed at the prevention of threats imposed by cryptocurrencies to the tax administrations. The group would have representatives from each country as the member.