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South African Tax Authorities Scrutinize Crypto Traders Amid Compliance Uncertainty
23.6.2024
South African crypto traders have reportedly started receiving notices from the South African Revenue Service (SARS) indicating that their tax affairs are under review. The revenue collector is gathering information from various crypto-asset exchanges to assess compliance. Traders who fail...
South Korean Tax Dodgers Out of Pocket as Authorities Seize $768,500 Worth of Crypto
21.3.2024
South Korean “tax dodgers” have been dealt another blow, with tax authorities in the city of Hwaseong confiscating cryptoassets worth over $768,500.
The post South Korean Tax Dodgers Out of Pocket as Authorities Seize $768,500 Worth of Crypto appeared first on Cryptonews
Russia Will Begin Collecting Taxes in Digital Rubles from 2025
3.1.2024
Source: Valery/Adobe Russian tax authorities will start collecting taxes in digital rubles from 2025, with banks also handed powers to block “suspicious-looking” CBDC transactions. Per the media outlet Klerk, recent tax code amendments – signed into law by President Vladimir Putin late last year...
47 Countries Adopt New CARF Framework on Automatic Exchange of Information Between Tax Authorities
10.11.2023
Source: Adobe/amirul syaidi A consortium of 47 countries, including the US, the UK, and Australia, have adopted a new framework for the automatic exchange of information between tax authorities. The framework, known as the Crypto-Asset Reporting Framework (CARF), was developed by the Organisation...
Brazil’s USDT Volume Exceeds all Crypto Transactions Combined: Revenue Dept. Report
30.10.2023
The Brazilian tax department report said that the country’s Tether (USDT) trading volume proliferated since 2021. Tether stands out among other stablecoins and has surpassed the volume of Bitcoin (BTC) during the same period. “Among the stablecoins, the cryptocurrency called Tether...
Tax Authorities in EU to Share Transaction Data Reported by Crypto Firms
19.10.2023
New EU rules will introduce automated exchange of information on crypto revenues reported by service providers in the sector. A new directive adopted by the Union expands existing registration and reporting obligations as well as cooperation between tax administrations across the bloc. Information...
Crypto Exchange Operator Bithumb Investigated by South Korean Tax Authorities: Report
10.1.2023
The former chairman of Bithumb Holdings was recently acquitted of fraud charges
Romania Carries Out Raids as Part of Crypto Tax Evasion Probe
8.1.2023
Authorities in Romania have conducted more than a dozen raids against people suspected of hiding income from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation which established that crypto traders had failed to report digital assets exceeding...
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans
9.12.2022
The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules. EU...
Brussels Set to Begin Talks on EU Crypto Tax, Report Reveals
12.11.2022
The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies...
Spanish Treasury Introduces New Crypto Tax Model Featuring Balance Reports
23.6.2022
The Spanish treasury has introduced a new series of requirements regarding the reporting and taxation of cryptocurrency holdings in the country. The new rules include the obligation of taxpayers to disclose all of their cryptocurrency holdings to the tax authorities, as well as their value...
While the New LUNA Records Gains, Do Kwon’s Terraform Labs Is Plagued by Controversy and Accusations
30.5.2022
It’s been two days since the Terra development team launched the new Phoenix-1 blockchain with the network’s native token LUNA. While the token dropped significantly in value during the first day of trading, the new LUNA has jumped 8.8% in value during the last 24 hours. Amid...
Indian Superstar Amitabh Bachchan Pays Up After Tax Authorities' Action On Platform Hosting His NFTs
23.3.2022
The platform featuring Amitabh Bachchan's NFTs was sent a follow up notice by an Indian tax agency
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion
1.1.2022
India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Saturday. Their offices were searched and “massive goods and services tax (GST) evasion has been detected by DGGI.” Tax Authorities Say Cryptocurrency Exchanges Have Been...
Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage
17.7.2021
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders...
Spain Prepares for Tax Returns Season With Crypto Traders in Sight
11.6.2021
Spain nears the final day for its citizens to file their tax statements, and this year cryptocurrency traders are in the sights of tax authorities. Any trader that has obtained revenue after selling cryptocurrencies must file taxes and pay a percentage of the operation. However, many new traders...
South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn
20.3.2021
South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges. No Details...
Spanish Treasury Releases Guidelines to Minimize the Risk of Tax Evasion With Cryptocurrencies
5.2.2021
The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan. Spanish Tax Authorities Could Ask Local Exchanges for Customers Data...
Israeli Tax Authorities Notify Cryptocurrency Owners to Disclose Their Holdings for Taxation Purposes
26.12.2020
The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries...
Peter Schiff’s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries
19.10.2020
Euro Pacific Bank, founded by gold bug and bitcoin skeptic Peter Schiff, is reportedly under investigation by the tax authorities of five countries. The bank’s customers allegedly include several tax fraud masterminds and a Russian syndicate described by the FBI as the world’s worst...