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More than 300 High Income Traders are Crypto Profits in Japan

The Japanese National Tax Agency has revealed the number of people with more than 100 Million Yen or income that includes income from crypto transactions i.e trading cryptocurrencies

It is the first time that the agency announced the result of the counting of virtual currency related declarations. The tax agency has also revealed that 21.98 million people filed income tax for the year 2017.

According to the Local Media (Jiji Press):

The number of taxpayers with miscellaneous incomes of 100 million yen and over from sources other than public pensions jumped from the previous year’s 238 to 549, Of these 549 people, more than 60% or 331 of them gained income from cryptocurrency transactions.

Another Statement by Sankei Shimbun:

Total income [reported for all taxpayers] was 41.4988 trillion yen [~$379 billion] (up 3.4% from the previous year), noting that the “declared tax payments amounted to 3.0207 trillion yen [~$28 billion] (a 4.6% increase), which was the highest in 10 years.

It is difficult to report tax on crypto transactions as every exchange represent data differently.

Source: news.bitcoin.com

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