The Japanese National Tax Agency (NTA) has revealed it has recently investigated hundreds of crypto tax violations.
The NTA released its annual report on tax investigations ahead of the weekend, including a section on crypto taxation.
The data in the report, and also reported by Japan’s CoinPost, shows that the agency launched 615 investigations into Japanese residents’ crypto holdings in the financial year 2022.
The NTA noted that it had found tax violations in 548 cases, marking a significant rise from the previous financial year.
In FY2021, the NTA launched 444 crypto-related investigations, uncovering 405 violations.
But there appears to have been a drop in the value of crypto-related tax violations, possibly reflecting a fall in global crypto prices.
NTA added that the average value of undeclared income in crypto-related cases was around $206,000 per case in FY2022, down from $245,000 in FY2021.
The cumulative value of the undeclared income for FY2022 was $126.5 million, up from over $110 million.Read more on cryptonews.com