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South Korea Drafting Legislation To Tax Individual Crypto Profits
2.1.2020
South Korea is working on legislation to tax crypto profits
Government Confirms Crypto Profits Not Taxable in South Korea
2.1.2020
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend...
South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb
30.12.2019
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles...
Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill
29.12.2019
South Korean cryptocurrency exchange considers litigation after the local tax authority imposed a $68.9 million tax bill on it
Around the World in 2019 — A Landmark Year for Crypto Taxation
28.12.2019
US, UK, France, Australia and many more – a glance of crypto tax legislation worldwide in 2019
Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship
28.12.2019
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their...
Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property
26.12.2019
A phenomenon like bitcoin can gain recognition, including regulatory, in many different and often unexpected ways. Governments that hesitate to accept cryptocurrencies as legal tender, sometimes validate their existence indirectly and even acknowledge they can be used for payments. Taxing crypto...
Thomson Reuters Launches Crypto Tax Tool
23.12.2019
Tax authorities around the world are increasing their focus on crypto transactions and companies are rushing to help investors navigate the unclear regulations. The latest example is Thomson Reuters which has added a new tool for American tax payers to report crypto dealings to the IRS. Also Read:...
Thomson Reuters Partners With Verady On Tool To Tackle Crypto Taxes
23.12.2019
Thomson Reuters partners with Verady to bring a new crypto tax tool to market
Lawmakers Want Answers From IRS, Citing Major Issues With Crypto Tax Guidance
23.12.2019
Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins. Also read: Regulatory...
US Lawmakers Ask IRS to Clarify Crypto Tax Rules Around Airdrops, Forks in New Letter
20.12.2019
Congressmen are again asking the IRS for clarity on its recent cryptocurrency tax guidance
‘TurboTax’ for Crypto: Accounting Firm Lukka Debuts Tax Tool for Retail Investors
18.12.2019
Lukka, one of the first accounting firms for digital assets, is offering tax preparation services to retail crypto investors starting on Jan. 15
India’s Income Tax Department Is Secretly Training Its Officials to Investigate Cryptocurrencies
18.12.2019
We got a copy of the Indian tax authority’s secret training manual for cryptocurrencies
Poles Hit With Backdated Tax on Crypto Trades
16.12.2019
Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish...
Denmark’s Tax Authority Sends Warning Letters to 20,000 Crypto Owners
11.12.2019
The tax authority of Denmark has reportedly sent out warning letters to 20,000 crypto owners asking them to amend their tax returns, pay taxes on crypto gains, or face penalties. The tax agency is demanding a full breakdown of their crypto transactions; it recently obtained information on these...
Report: Denmark’s Tax Agency Is Sending Tax Compliance Letters to Crypto Users
10.12.2019
Danish tax agency is asking crypto users to provide a full background of all their cryptocurrency transactions
Accounting Advisor and Crypto Startup to Jointly Launch Crypto Tax Tool
10.12.2019
Crypto accounting automation startup Lukka partnered with accounting advisor CPA.com to launch a crypto tax estimation tool
IRS Now Requires Tax Filers to Disclose Crypto Activities
9.12.2019
The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning...
South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains
9.12.2019
Capital gains taxation on crypto transactions could be introduced by the first half of 2020, South Korea’s Ministry of Economy and Finance has confirmed
Brazil’s Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto
6.12.2019
The tax authority of Brazil fines taxpayers who fail to declare their Bitcoin and crypto transactions