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Home » news » The Government of Japan will cancel Bitcoin Sales tax in July 2017

The Government of Japan will cancel Bitcoin Sales tax in July 2017

Bitcoin-Sales-taxThe Liberal Democratic Party of Japan has prepared a bill upon abolishment the sales tax in regard to cryptocurrency transactions. We informed about it. If the bill is adopted by the Cabinet of Ministers of Japan, the grace period will begin next June, and since July an 8% sales tax will be canceled.

In October, for the first time, Nikkei news agency published the info upon such plans of the Government, with reference to the source in political pull.

"The discussion between the Ministry of Finance and the Financial Services Agency will lead to a formal decision at the end of the year, after discussion of the tax policy of the ruling coalition", - informed the agency.

"This is a very good signal for cryptocurrency community", - commented this info CEO of Quoine Mike Kayamori.

The discussion upon the abolition of the sales tax was carried out in May of this year when a prominent parliamentary leader Tsukasa Akimoto with the relevant proposal addressed to the Minister of Finance of Japan Taro Aso. In March Agency of Japan Financial Services (FSA) informed that it was ready to remove restrictions on investment in companies engaged in the field of financial technology.

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