Home Column Japanese IT Firms Launches Tax-related Services for Cryptocurrency

Japanese IT Firms Launches Tax-related Services for Cryptocurrency

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Japanese IT companies would start the tax related services, including tax-returns, given the announcement in December 2017 by Japan National Tax Agency’s income tax calculation of the cryptocurrencies.
The listed online Q&A site operator OKWAVE (3808) announced yesterday to set up a  tax accountant introduction platform for cryptocurrencies, via partnering with ACCS Consulting, a local tax consulting firm, within its main Q&A site.   
freee, a privately-held  cloud-based accounting software developer also announced in 11 January that the firm would newly add reporting function to its software for the individual users to state the profits (miscellaneous income) of cryptocurrencies. The timeline for the new service would start around this February, according to its press release. The company would also hold tax-return related seminars for virtual currency holders in Tokyo around late January or early February.
Profits made by bitcoins and related coins are basically categorized as miscellaneous income in Japan,  and the tax rate is up to 55%, based on its income.