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Cryptocurrency

Cryptocurrency for Tax Payments: Innovation or Overcomplication? 

Table of Contents Toggle 1. Tax Payment Using Cryptocurrency2. “Crypto Tax Payments Get Few Takers as More States Eye Programs” (Bloomberg Tax, Oct. 3, 2024)3. Summary of the ArticleAdvantages of Paying Taxes in Cryptocurrency:Disadvantages of Paying Taxes in Cryptocurrency: 1. Tax Payment Using Cryptocurrency While Japan has yet to embrace this system, several U.S. states have introduced systems enabling taxpayers to pay their taxes using cryptocurrency. This move is both intriguing and innovative, potentially...

Income tax

How to Calculate Personal Income Tax in Japan

Q. How is Personal Income Tax Calculated in Japan? A. Personal income tax in Japan is determined by applying a tax rate to the tax base, which is the income earned by an individual during the year. In other words, the amount of income tax is basically calculated by applying a tax rate to the amount remaining after subtracting deductions and exemptions from “gross income”. In practice, further tax credits are applied to the...