Japan Declares Sale of Bitcoin Exempt from Consumption Tax

Bitcoin.com --------- March has been a busy month for Bitcoin in Japan. The country officially recognizes Bitcoin as a method of payment. While Japan prepares to recognize the digital currency, its long-awaited tax reform bills have also been passed this week. One area the bills address is the consumption tax treatment of digital currencies including bitcoin. The consumption tax is the tax levied on spending on goods and services by the Consumption Tax Law, a municipal law in Japan. “This system can be considered as similar to the VAT (value-added tax), GST (goods and services tax) or sales tax”, describes Kyoto City Official Travel Guide website. To learn more click on the picture below to read the article.