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Authorities Investigating Crypto Tax Evasion in Japan

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MTax authorities in Japan have been investigating tax evasion of cryptocurrency transitions. The numbers have been up for discussion as a whole lot of people have been reporting lower gains than they actually made.

The National Tax Agency has already investigated a grand total of 1600 people this year. They were checking into the claims from last tax season, according to the Nikkei Asian Review . After that, about 250 more cases will be investigated. These investigations will continue through the next year as well.

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Failing to File Means Penalties

Cryptocurrency exchanges in Japan are obligated to file user tax reports by February 15th of every year . If you fail to do so, it’s possible that you’ll face penalties or even jail time if proven guilty.

Japanese authorities carried out a large-scale investigation in the Kanto region, including cities such as Saitama, Tochigi, Gunma, Niigata and Nagano. They found that only about 20% of cryptocurrency investors reported their gains or losses on crypto assets.

This was possible through a new system where exchanges match up data supplied by users and what they actually owe to the government.

More Business news.

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