Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year, additionally the Japanese National Tax Agency is creating a database of cryptocurrency investors.
The Indian government has asked cryptocurrency investors across the country to pay taxes on their earnings. India's Central Board of Direct Taxes (CBDT) said that action will be taken against those who would try to conceal incomes from crypto assets.
South Korea announced that crypto exchanges will be taxed 24.2 percent, in line with the existing tax policy for corporations.
Japan, South Korea and Indian Crypto Investors to Pay Tax on Crypto Gains
Japan Crypto Gains Tax Situation:
Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year (2018).
The Japanese National Tax Agency had already ruled “last year 2017” that capital gains on transactions of virtual currency are considered “miscellaneous income”.
The tax on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the higher percentage tax applying to those who earn more than 40 mln yen a year (about $367,600).
Japanese National Tax Agency is creating a database of cryptocurrency investors, potentially to ensure enforcement of the tax laws, as well as retaining teams in Tokyo and Osaka to watch electronic trading.
South Korea Crypto Gains Tax Situation:
South Korea had announced in Jan. that crypto exchanges will be taxed 24.2 percent, in line with the existing tax policy for corporations.
India Crypto Gains Tax Situation:
The Indian government has asked cryptocurrency investors across the country to pay taxes on their earnings or else face the music. India's Central Board of Direct Taxes (CBDT) said on Tuesday that action will be taken against those who would try to conceal incomes from crypto assets.
"People who have made investments (in cryptocurrency) and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable," Chandra said while addressing an "ASSOCHAM Post Budget Seminar."
As per income tax (laws), whatever money one is investing (in cryptocurrency), it would be taxable if it is unexplained, even the profit gained on the same is taxable.
On a side note the USA Crypto Gains Tax Situation:
The US Internal Revenue Service (IRS) also reported today that they have created a 10 person team of investigators aimed at tracking down crypto users that failed to report their profits in their tax declarations.
Sources:
India Asks Cryptocurrency Investors to Pay Taxes on Earning or Else Face Action
Japanese Crypto Investors to Pay Tax Of Up To 55 Percent On Profits