Japan has finally announced its plan to remove the Bitcoin sales tax on Bitcoin transactions. While the tax currently stands on purchases, it is anticipated that by early 2017 the ruling will officially be implemented.
The huge announcement came recently in the tax document that was released by the ruling party. Currently the sales tax stands at 8%, restricting many opportunities for financial expansion. Negotiations for the tax cut had started last year but have only recently been completed as reported by Nikkei.
“It’s a huge relief for us. Customers don’t have to pay tax for each transaction. Hope this becomes standard practice.”
To conclude Japan is becoming more Bitcoin friendly by the day. The decision to eventually remove the sales tax is likely to attract the attention of many Bitcoin companies looking to legally operate in the public domain. Becoming the latest country after African attempts to encourage Bitcoin development, Japan looks set to take full advantage of the ever growing Bitcoin economy. While the controversy of the Mt Gox exchange did little to encourage current development in Bitcoin, it seems that with careful regulation and promotion of Bitcoin practices, Japan can safely integrate the markets into their current economy.
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