Tax-Dodging Cardano (ADA) Traders Come Under Scrutiny in Japan

Tax-Dodging Cardano (ADA) Traders Come Under Scrutiny in Japan

A recent report by Japanese financial outlet Nikkei says that Japan’s tax collecting agencies have zeroed in on tax-dodging cryptocurrency traders. After a large-scale audit in the Kanto region and other parts of the country, it was discovered they had failed to pay 1.4 billion yen ($12.6 million). According to a person involved in the investigation, individuals from such cities as Saitama, Tochigi, Gunma, Niigata and Nagano mainly profited off of buying and selling Cardano. Tax authorities have identified 670,000 yen ($6 million) in underreported taxes. ADA traders were either not declaring their profits or were avoiding paying taxes by means of deception. According to a tax accountant quoted by Nikkei, many people have turned a profit due to Cardano’s rapid price surge in 2021.Regional taxation bureaus have so far conducted six cryptocurrency-related audits. The one in the Kanto region has been monitoring ADA transactions for years, according to the report.However, with the total transaction volume reaching 5 trillion yen ($39 billion) in May, this might sound like an increasingly arduous task.

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