The Japanese authorities did not hesitate to hunt down anyone who is considered to be a cryptocurrency tax evasion. The Ishikawa County Court has sentenced one of them, a 56-year-old man, to serve one year in prison and pay a fine of 200,000 US dollars.
The sentenced man did not disclose his BTC trading activities during 2017-2018
According to Chunichi, a judge of the Kanazawa District Court violated the Income Tax Law on Hideji Matsuda, an office worker in Ishikawa Prefecture, and imposed a fine of 22 million yen (US$200,000) and sentenced him to one year. imprisonment.
The judge concluded that the person did not know the accurate tax declaration of his Bitcoin (BTC) trading activities. According to court documents, Matsuda did not announce 2017-2018.
In addition, the court stated that the office worker falsified his tax return data because he claimed to have just made 1.2 million yen ($11,000) in profit. In fact, his total income was 74 million yen (US$678,000), and he did not pay any taxes.
When the lawyer at the hearing interviewed Matsuda, he claimed that he was not clear about calculating the profit derived from cryptocurrency. However, the prosecutor stated otherwise. In fact, they thought the 56-year-old man was “selfish”.
Matsuda’s lawyers have promised forgiveness because they stated that the man had submitted a petition to amend the issues and file tax documents properly.
However, the judge rejected this proposal and proceeded with the verdict. At the end of the trial, Matsuda just commented on the sentence: “There is no doubt.”
An unprecedented case in Japan
This lawsuit is the first in Japan, making Matsuda the first person to be sentenced for tax evasion in the land of sunrise. The lawsuit begins in 2020.
In Asian countries, crypto-related activities, such as mining, trading, and loan profits, are subject to taxes as high as 55%.
What do you think of the verdict on Japanese cryptocurrency tax evaders? Let us know in the comments section below.
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