Japanese Tax Authorities Releases FAQ on NFT Taxes

NTA NFT Tax FAQ

Some of the existing questions about calculating taxes for NFTs have been clarified On January 13, 2023, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of NFTs (Information)”. This is probably the first time the NTA has officially expressed its views on calculating taxes for NFTs (Non Fungible Tokens) in an FAQ […]

Upcoming Changes to Japanese Consumption Tax (JCT) in 2023

JCT Qualified Invoice Format

Background If you have any business relationships with customers in Japan, you may have heard that Japanese Consumption Tax (JCT) will be going through significant changes in 2023. The TLDR (Too Long, Didn’t Read); Only Qualified Invoices can be deducted when your customer files a consumption tax return Only Qualified Invoice Issuers can issue qualified […]

Taxation of Crypto Assets (FAQ) – Links to Official NTA Releases

NTA Crypto Tax FAQ

Useful Links Towards Year End When Preparing for Crypto Tax in Japan Since 2017, the Japanese National Tax Agency (NTA) has been releasing an FAQ on how transactions involving bitcoin and crypto assets are taxed. Here are the links to the official releases by the NTA. The contents are in Japanese. Go to our Posts […]

Fair Value Measurement to be Applied to Digital Assets (Cryptos) Under US GAAP

TLDR On October 12, 2022, the FASB (Financial Accounting Standards Board) unanimously voted to require companies to measure crypto at their fair value at the end of each reporting period. The discussions can be seen here:   Crypto Accounting Under Current US GAAP In December 2019, the AICPA (American Institute of Certified Public Accountants) released […]

Why US Public Companies are Starting to Acquire Bitcoin

Public Companies are Starting To Acquire Bitcoin

Technological Evolution, Macroeconomic Uncertainty, and Accounting Standards Publicly traded companies holding part of their reserves in bitcoin to protect their purchasing power. What was a fantasy a few years ago is becoming a reality. Two huge news stories have come in the past few months. MicroStrategy Taking the Lead It all began with MicroStrategy Inc. (MSTR), […]

Malaysia Visit Memo

Malaysia Field Trip

Our client was chosen to be part of JETRO’s “SDGs Startup Support Program – Malaysia” Our firm (Kimura Certified Public Accounts) has and continues to support startups that aim to positively impact society. I am currently acting as a CFO for a startup that is tackling the challenge of reducing food waste through the use […]

AICPA Releases Accounting Guidance on Digital Assets (Cryptos)

Significant differences with J GAAP, already causing GAAP differences between the two standards In December 2019, the AICPA (American Institute of Certified Public Accountants) released a guidance on the accounting of crypto currencies. This nonauthoritative guidance was released as a practice aid titled “Accounting for and Auditing of Digital Assets”. You can download the original […]

New Service: US Subsidiary Audit Service

us subsidiary audit

Introduction of the new service We are excited to announce a new addition to our audit service line. The new service will focus on Financial Statement Audits for US (United States) subsidiaries of Japanese companies. In certain cases, the US subsidiaries of Japanese companies will need to have their financial statements audited by CPAs. Such […]