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The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns.
Also read: Japan Contemplates Scrapping Its Progressive Crypto Tax Rate
NTA to Devise Simplified and Automated Tax Return Filing Method
Together with the Financial Service Agency and cryptocurrency related organizations, the NTA has reportedly said a simplified tax declaration method, which would automatically calculate profits made by selling virtual currencies and tax returns, is currently underway.
Earlier in April, the NTA held study sessions together with the FSA and Japan Blockchain Association aiming at exchanging opinions and thoughts on cryptocurrency tax filing methods.
The NTA is also considering simplifying the tax declaration paperwork to ensure a secure tax payment system.
What do you think of Japan’s tax office improving the tax filing system for crypto earnings?

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