Japanese Tax Authorities Release FAQ – Year End Mark-to-Market of Cryptos Held by Entities
This FAQ Focuses on Topics Related to Year End Mark-to-Market of Cryptos for Corporation Tax Purposes On January 20, 2023, the National Tax Agency (NTA) published a guidance titled “Year End Mark-to-Market Treatment of Cryptocurrencies Held by Entities (Information)”. The NTA has been releasing Crypto Tax FAQs every year since 2017. This FAQ (M-t-M FAQ) […]
Japanese Tax Authorities Releases FAQ on NFT Taxes
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
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
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 […]
Japanese Tax Authorities Releases FAQ (Ver7) on Crypto Taxes
Crypto Traders Beware! Significant Changes In Determining Whether Income is Business Related or Not On December 22, 2022, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of Crypto Assets (Information)”. This is the seventh time (the first was in 2017) that the NTA has officially expressed its views on calculating taxes for […]
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 […]
SEC Releases SAB121 – US GAAP Accounting For Assets Held in Custody of Customers by Crypto Exchanges
Background On March 31, 2022, the SEC released Staff Accounting Bulletin No. 121 (SAB 121). This SAB expresses the view of the SEC staff regarding the accounting treatment for crypto-assets that are reporting entity safeguards for its platform users (customer crypto-assets). Exchanges that are responsible for safeguarding customer crypto-assets should present a liability on its […]
Japanese Tax Authorities Releases FAQ (Ver6) on Crypto Taxes
Very Few Changes From the June 2021 Update, “Staking and Lending” Now Added to the FAQ On December 22, 2021, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of Crypto Assets (Information)”. This is the sixth time (the first was in 2017) that the NTA has officially expressed its views on calculating […]
Japanese Tax Authorities Releases FAQ (Ver5) on Crypto Taxes
Very Few Changes Compared to the 2020 FAQ, New Question on “Lending” On June 30, 2021, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of Crypto Assets (Information)”. This is the fifth time (the first was in 2017) that the NTA has officially expressed its views on calculating taxes for cryptocurrency in […]
Japanese Tax Authorities Releases FAQ (Ver4) on Crypto Taxes
Very Few Changes Compared to the 2019 FAQ, “Cryptocurrency” Now “Crypto Asset” On December 18, 2020, the National Tax Agency (NTA) published a guidance titled “Tax Treatment of Crypto Assets (Information)”. This is the fourth time (the first was in 2017) that the NTA has officially expressed its views on calculating taxes for cryptocurrency in […]
