Japan #加密税 collection reaches new high
The National Tax Agency's 2024 annual report shows that there were 613 on-site investigations into cryptocurrency assets, with the amount recovered increasing by 31.4% year-on-year, reaching 4.6 billion yen. The focus is on reporting issues related to DeFi, airdrops, and mining staking. The highest penalty for underreporting is 20%, while intentional concealment can reach 40%.
The good news is that Japan is considering changing the tax on cryptocurrency assets to a separate tax rate of 20% and allowing loss carryforwards.