Cryptocurrency tax evaders may not be able to hide in the shadows any longer, as tax agencies are now on the alert. Countries like Japan and Australia have placed virtual currency evaders on their priority list and are seeking effective means to nab cryptocurrency tax offenders. This according to reports by The Sydney Morning Herald and Asahi, published June 6 and June 5, respectively.
Japanese Crypto Traders Decry Massive Tax Burden
The Tokyo Regional Taxation Bureau conducted an investigation to check the level of unreported income by cryptocurrency traders by asking digital currency exchanges to forward the list of clients’ transactions in 2018.
Following the information gathered from these exchanges, the tax agency discovered large income from cryptocurrency is largely unreported. Consequently, the agency has plans to file criminal complaints against crypto traders who make large gains.