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IRS Expands Crypto Question on Tax Form
5.8.2022
The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form 1040...
Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales
28.6.2022
Russia is turning to blockchain technology in an effort to counteract economic isolation brought on by the sanctions imposed due to its invasion of Ukraine
Indonesian Government Sets Crypto Tax at 0.1% to Be Levied Starting in May
4.4.2022
The Indonesian government has decided to tax capital gains income from crypto investments at 0.1% starting in May. In addition, value-added tax (VAT) of the same rate will be levied on crypto purchases. Indonesia to Start Taxing Crypto Income at 0.1% The Indonesian Directorate General of Taxes,...
Indian Parliament Member Asks Government to Tax Crypto Income More Than 30%
29.3.2022
An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto....
Indian Government Reveals How It Plans to Tax Cryptocurrency Transactions
22.3.2022
India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals...
India Targets 700 Crypto Investors for Non-Payment of Taxes: Report
16.3.2022
India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with...
Russian Government Eyes $13 Billion in Taxes From Crypto Economy
9.2.2022
Authorities in Moscow expect to collect more than $13 billion as tax payments from the Russian crypto market, according to a government document quoted by media. The estimate comes as Russian institutions are holding discussions on the future of cryptocurrencies in the country. One Trillion Rubles...
Thailand Relaxes Tax Rules for Crypto Investors, Scrapping 15% Withholding Tax
3.2.2022
Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding tax. “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback … It is much more friendly to both investors and the industry,” said...
Slovenia Launches Public Consultations on Crypto Taxation Law
28.10.2021
Authorities in Slovenia have prepared new legislation tailored to determine how crypto holdings and transactions are taxed in the country. The proposal, aimed at clarifying the matter, has been submitted for public consultations this week, local media reports revealed. Slovenia to Amend Tax Rules...
Puerto Rico sees resurgence of interest among crypto rich
27.10.2021
Crypto capital is moving to Puerto Rico as tax regulations are much more favorable than in the U.S. proper
India’s Income Tax Department may soon target crypto trades and ecosystem
13.9.2021
Indian entrepreneurs believe crypto tax laws are foundational to mainstream crypto acceptance by governments
Slovenia Prepares to Impose 10% Tax on Spending and Selling Cryptocurrency
31.8.2021
The tax authority of Slovenia has put forward a proposal to change the crypto taxation rules in the country, local media reported. The amendments aim to introduce a 10% tax rate for transactions involving the spending or converting of cryptocurrencies into fiat money. Tax Office Wants to Simplify...
Philippines Tax Agency Targets Axie Infinity Players — ‘It’s Taxable, Subject to Income Tax’
25.8.2021
According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players...
Brazilians Who Held $1,000 in Crypto Last Year Must Report It on Tax Returns by End of May
30.5.2021
Taxpayers in Brazil have only a couple of days left to file their annual tax returns. Investors who had more than 5,000 reals worth of cryptocurrency in 2020, a little less than $1,000, are obliged to report the funds on their income tax declarations this year. Brazilians who fail to do that...
Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law
26.9.2020
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale...
South Korea Finalizes Cryptocurrency Income Tax of 20%
22.7.2020
South Korea has finalized a new 20% tax rate for income generated from crypto trading
Eight Countries That Don’t Tax Your Bitcoin Gains
26.5.2020
As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets...
Spill Your Sats: H&R Block Tells Crypto Customers to Self-Report on Taxes, Even If Imperfectly
27.1.2020
Tax season for United States residents is fast approaching, and the IRS wants to know about everyone’s involvement in the crypto space. Thanks to a recently updated income tax form including a question about crypto activity, tax preparation companies like H&R Block are advising filers...
Dubai Launching Crypto Valley in Tax-Free Zone
26.1.2020
A Dubai government authority has announced that it is launching a crypto valley in the country’s free zone there is no personal or corporate income tax. With the help of its partners from the Swiss crypto valley, Dubai will offer a variety of services such as incubation for startups...
South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies
20.1.2020
South Korean regulators are reportedly considering a 20% income tax on income from crypto transactions