Japan removes consumption tax on bitcoin purchase

Jul 01 (NHKã‚“) - The Japanese government has abolished taxes on online purchases of virtual currencies.

Starting from Saturday, consumers will no longer be required to pay the 8-percent consumption tax when they buy bitcoin or other virtual currencies over the internet.

Japan has lagged behind other industrialized countries, which exempt virtual currencies from sales tax.

Plans to abolish the tax were made under a law revised in May last year. The new law classifies virtual currencies as a payment method similar to gift certificates and prepaid cards, rather than taxable goods or services.

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