Japanese Legislator Calls for Bitcoin Tax Exemption
A legislator in Japan’s ruling political party has called for bitcoin purchases to be exempt from an 8% consumption tax, a regional news source says. The issue was up for debate during a budgetary committee hearing in the lower house of the Japanese legislature, the Diet, on 5th February. As reported by Nikkei, Liberal Democratic Party member Tsukasa Akimoto put the question of exempting bitcoin purchases from the tax to Finance Minister Tarō Asō. "Can't you consider not imposing consumption tax on bitcoins in line with the international trend?" Akimoto asked. Asō is reported to have....
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The bill would provide tax exemption on bitcoin transactions for less than $50 or trades netting a gain of less than $50.
the Royal Thailand Government Gazette has legally established a VAT exemption for crypto transfers lasting until the end of 2023. In March, the cabinet granted an exemption from the value added tax (VAT) for exchanging cryptocurrency or digital tokens. The decision was enacted into Thai law yesterday and will be in force until December 31, […]
A draft resolution submitted to the Illinois legislature has proposed the creation of a working group dedicated to blockchain technology. House Resolution 120, filed on Wednesday by state representative Michael Zalewski, would establish a 12-person group focused on researching the tech. Public records show that the resolution has been referred to the House Rules Committee for consideration. At its heart, the draft calls for Illinois to investigate how state and local-level governments can utilize blockchain – work that is already being done, in a way, by a consortium of government agencies....
Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It....