A 56-year-old resident of the Japanese city of Komatsu Hideji Matsuda was sentenced to a year in prison and a fine of 22 million yen (more than $ 202,000) for hiding income from cryptocurrency transactions. The case was the first in the country’s judicial practice, local media write .
According to the indictment, in his 2017-2018 tax returns, Matsuda deliberately underestimated the income earned from cryptocurrency trading. In total, he owed the state about 74 million yen (over $ 680,000) in taxes.
In his defense, the defendant referred to ignorance of the law on taxation of cryptocurrencies.
On March 9, the Kanazawa District Court found Hideji Matsuda guilty of data falsification.
Recall that in Japan, cryptocurrencies are recognized as a legal method of payment and are taxed. The tax rate is rolling and in some cases reaches 55%.
Earlier, some politicians agreed that tax rates on cryptocurrency transactions were “too high” and called on the Japanese government to revise them.