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Biden administration considering 30% tax on Bitcoin mining
12.3.2024
The Biden administration is considering a 30% excise tax to be levied on bitcoin mining, owing to the industry’s rising energy usage. The other factor is the rise in energy costs for those sharing an electric grid with miners of digital assets. Added to that is the damage to the environment....
Biden’s Budget Proposal for 2025 Rekindles Discussion of 30% Electricity Tax for Crypto Miners
12.3.2024
President Joe Biden has reignited the debate surrounding the imposition of a 30% tax on electricity used by cryptocurrency miners in a budget proposal for 2025.
The post Biden’s Budget Proposal for 2025 Rekindles Discussion of 30% Electricity Tax for Crypto Miners appeared first on Cryptonews
President Biden Proposes Crypto Mining Tax and Wash Sale Rule in 2025 Budget Proposal
11.3.2024
President Biden's 2025 budget proposal aims to introduce a crypto mining tax and close the wash sale loophole for digital assets. The move faces opposition from House Republicans, who criticize the administration's spending. As the 2024 presidential race heats up, the outcome could shape the future...
U.S. President Again Proposes Crypto Mining Tax, 'Wash Sale Rule' for Digital Assets in New Budget
11.3.2024
The U.S. president's budget proposal for 2025 suggests the administration can reduce the national deficit by nearly $10 billion just by "modernizing rules" that include cryptocurrencies
South Korea Aims To Launch Virtual Asset Tracking System to Ensure Tax Transparency
11.3.2024
South Korea plans to launch a tracking system that aims to ensure virtual asset users aren’t avoiding taxes. The National Tax Service has reportedly chosen a consulting firm to develop a sophisticated system for overseeing these assets.
The post South Korea Aims To Launch Virtual Asset Tracking...
Indonesia sees a 62% fall in cryptocurrency tax revenue
5.3.2024
Indonesia encountered a significant 62% reduction in its cryptocurrency tax revenue for the year 2023, notwithstanding the noteworthy appreciation of Bitcoin’s worth. Throughout the year, cryptocurrency transactions generated a cumulative tax revenue of $31.7 million. The purported cause...
Indonesia Watchdog Urges Finance Ministry to Re-Evaluate Crypto Tax Regime
4.3.2024
Cryptocurrencies are treated as a commodity in Indonesia and is currently subject to 0.11% value-added tax and 0.1% income tax.
The post Indonesia Watchdog Urges Finance Ministry to Re-Evaluate Crypto Tax Regime appeared first on Cryptonews
Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes
4.3.2024
The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto-based transactions has been surpassing that generated from fintech...
Indonesia’s Crypto Watchdog Pushes for Friendlier Taxes as Regulatory Overhaul Looms
1.3.2024
Crypto is classified as a commodity in Indonesia and is subject to VAT and income tax
IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts
28.2.2024
The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives — Sulolit “Raj” Mukherjee and Seth Wilks — to aid in digital asset reporting, compliance, and enforcement programs.
The post IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts...
South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders
22.2.2024
South Korea's most populated province, Gyeonggi, has collected $4.6 million from crypto tax evaders, it announced on Thursday, according to a local report by Yonhap News Agency
South Korean Province Collects $4.6M in Back Taxes Using Crypto Tracking System
22.2.2024
South Korean province of Gyeonggi is using a nuanced crypto tracking system to claw back unpaid taxes. So far, the province has collected $4.5 million in taxes from delinquents using the crypto tracking system.
The post South Korean Province Collects $4.6M in Back Taxes Using Crypto Tracking System...
South Korean Province Collects $4.6M in Taxes Using Crypto Tracking System
22.2.2024
South Korean province of Gyeonggi is using a nuanced crypto tracking system to claw back unpaid taxes. So far, the province has collected $4.5 million in taxes from delinquents using the crypto tracking system.
The post South Korean Province Collects $4.6M in Taxes Using Crypto Tracking System...
South Korea’s Ruling Party Seeks Cryptocurrency Tax Delay as Election Promise
19.2.2024
South Korea’s ruling People Power Party is advocating for a two-year postponement of the taxation on gains from cryptocurrency investments. The move is seen as a potential campaign promise for the upcoming general election scheduled for April. The party aims to prioritize establishing...
Latam Insights: Bukele Wins Presidential Ballot by Landslide, Brazil Strengthens Crypto Tax Oversight
12.2.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements,...
Thailand Abolishes Value-Added Tax Previously Applicable on Digital Asset Trades
9.2.2024
The Thailand Finance Ministry has announced the removal of the previously applicable value-added tax on digital asset trading. This exemption, which took effect on Jan. 1, 2024, extends to regulated brokers, dealers, and authorized cryptocurrency exchanges. VAT Exemption to Bolster Thailand’s...
Thailand Pushes Towards Digital Asset Hub with Introduction of VAT-Free Crypto Trading
7.2.2024
In a move to position Thailand as a leading digital asset hub, the country’s Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. The decision aims to promote digital assets as a new alternative tool for fundraising and drive the growth of...
Brazilian Tax Authority Reports Bitcoin Irregularities in Over 25,000 Statements
6.2.2024
The Brazilian tax authority has reported identifying cryptocurrency irregularities in more than 25,000 tax statements. After a country-wide investigation, the institution detected that 25,126 individuals who possessed at least 0.05 BTC failed to include these holdings in its income tax statements...
Spanish Ministry of Finance to Seize Cryptocurrencies for Debt Collection from Taxpayers
5.2.2024
The Spanish Ministry of Finance aims to enable the seizure of digital assets as a means to settle tax debts. Under the leadership of María Jesús Montero, the ministry is currently working on legislative reforms to the General Tax Law, with a specific focus on Article 162. The proposed changes would...
Spanish Treasury Proposes Tax Reform to Allow Cryptocurrency Seizures
5.2.2024
The Spanish Treasury is proposing a tax reform to allow the seizure of cryptocurrency assets when liquidating tax debts. According to local sources, the proposal would also allow the state administration to embargo these digital assets as it is giving the first steps by declaring electronic money...