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Japan offered to release Bitcoin from consumption tax

The representative of the ruling political party of Japan called for the release of the consumption tax committed in Bitcoin purchases. The size of this tax currently stands at 8%.

The corresponding initiative was voiced during the hearing of the budget committee in the lower house of Parliament in February this year.

"Is Bitcoin taxation on consumption in line with international trends?", - said a member of the Liberal Democratic Party of Japan Tsukasa Akimoto Finance Minister Taro Aso.

In response, Aso began to defend the tax policy of the country, saying that "Japan is not alone" in such measures.

It should be noted that the debate took place against the background of active attempts to settle the scope of Japanese lawmakers cryptocurrency Exchange after the collapse of Mt. Gox.

Last year, the project was presented to the Agency for the financial services, giving to understand that the Japanese authorities are tightening reporting requirements crypto currency exchanges. A few days ago it became known about cryptocurrency adjusted in Japan as well as traditional currency. The initiative is expected to be reviewed before the end of this year.

Recall that in October 2015 the Court declared the bitcoin currency and freed from VAT transactions for buying and selling cryptocurrency.