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Oct. 18, 2018

Japan’s Tax Commission intends to simplify and standardize the tax reporting system for crypto investors.

According to Sankei, on October 17, the Commission held a general meeting to discuss ways to improve the tax filing system. The new system should make it easier for taxpayers to calculate their profits from the sale of crypto assets.

Minoru Nakazato, president of the Tax Committee, said:

"Since it is necessary to take into consideration frameworks other than the taxation system and business practices, we will hold a small meeting of experts to deepen the discussion while listening to outside opinions."

According to the Tax Commission, the price for the same cryptocurrency is different on different exchanges, while the methods of storing transactions on different platforms are not standardized. Thus, it can be difficult for taxpayers to file properly drafted tax reports.

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