Japan’s plan to drop 8% bitcoin sales tax may take effect in 2017: report

Japan is reportedly close to dropping the 8% sales tax for bitcoin purchases.

Japanese buyers pay an 8 percent consumption tax on top of other fees to get ahold of bitcoins at regulated digital currency exchanges. Japan is the only country among the Group of Seven industrial economies that taxes bitcoin purchases.

However, authorities in Japan are reportedly looking to end sales tax collections on digital currency purchases. In October, members of the Finance Ministry and Financial Services Agency are discussing to “reduce costs for buyers and relieve operators of virtual currency exchanges of the administrative burden related to the tax.”

Now, documents obtained by CoinDesk showed that the plan “could take effect as early as July 2017.”