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Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains
29.5.2021
Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers...
Every Fourth Australian Willing to Be Paid in Bitcoin, Poll Finds
29.5.2021
A new survey has established that one in four Australians would like to receive at least part of their salary in cryptocurrency. While the motives vary between the members of this diverse group, the results indicate that the Australian nation’s overall interest in decentralized digital money...
Australian tax office: Report crypto profits or else
28.5.2021
The ATO said it already knows who is invested in cryptocurrencies and expects cooperation
Time to End US Crypto Tax Declaration ‘Forensic Exercise’ – Expert
27.5.2021
A USA-based tax expert has hinted that the ball may be in the Internal Revenue Service (IRS)’s court when it comes to taxing crypto – and suggested that most crypto investors are not tax dodgers, but simply require a non-“forensic” solution to filing taxes on their earnings.
The comments were made...
Crypto couple tells court the IRS has no right to tax newly mined coins
27.5.2021
Coins earned by staking have been “created” and are not taxable until sold according to one couple in the U.S
Spain Based Custodial Services to Report Ownership of Crypto Assets, According to New Law Draft
27.5.2021
A new law draft approved just today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for some time, aims to close a gap in the legislation that allowed some...
US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS
20.5.2021
The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more...
US Lawmaker Pushes for Safe Harbor Legislation to Protect Crypto Investors With Forked Coins
20.5.2021
US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains...
Buterin Not Getting Tax Write-Off For SHIB India COVID-19 Relief Donation
19.5.2021
Vitalik Buterin. Source: a video screenshot, Youtube, Business Insider
Singapore-based Ethereum (ETH) Co-founder Vitalik Buterin said he will not get a tax write-off on his donation of 50trn shiba inu (SHIB) tokens to support India’s Crypto COVID Relief Fund.
He was reported as saying by Bloomberg...
South African Crypto Holders Urged to Approach Tax Body Before It Descends on Them
19.5.2021
A South Africa-based tax expert, David Lesperance, says with the country’s revenue collector now closing in on cryptocurrencies, holders must now take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move...
Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe
18.5.2021
Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious...
Iranian Tax Agency to Profile Owners of Cryptocurrency Exchanges
16.5.2021
Cryptocurrencies have been a cause for concern in Teheran as the digital assets have attracted capital from other, traditional markets. The parliament’s leadership has now asked the tax agency to profile the owners of Iranian platforms facilitating cryptocurrency trading and report to...
US City in North Dakota Now Accepts Cryptocurrencies for Bill Payments
15.5.2021
A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments. The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.” City Government Accepts...
Argentina’s tax body reportedly asks crypto firms to report all activity
14.5.2021
Argentina’s tax authority AFIP reportedly ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
14.5.2021
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure &...
Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances
14.5.2021
The local tax authority could soon hunt tax evaders who trade cryptocurrencies in Argentina following a notice sent to domestic crypto exchanges. The Federal Administration of Public Revenue (AFIP) ordered them to report all virtual currency-related transactions every month. Payment Gateways...
Binance Faces DOJ Probe as Investigators Target Crypto Money Laundering and Tax Evasion
13.5.2021
Binance, one of the largest cryptocurrency exchanges in the world, is now being probed by the Department of Justice (DOJ) under the assumption that it could be immersed in money laundering transactions. The investigation will also include inquiries from the Internal Revenue Service (IRS), which...
Hungary to Cut Tax on Crypto Profits in Half, Down to 15%
12.5.2021
The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with...
Hungary plans Bitcoin tax cut as part of economic recovery program
11.5.2021
Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022
Indonesia considers capital gains tax on cryptocurrency trades
11.5.2021
A new capital gains tax scheme on crypto trades is still being discussed, according to a tax official