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US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule

17.9.2021
A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule. Since cryptocurrencies are treated as property by the Internal Revenue Service (IRS), they are currently not subject to the wash sale rule. This proposal attempts...

South Korean lawmaker: Delaying tax laws on crypto is 'inevitable'

16.9.2021
“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

16.9.2021
On Wednesday, U.S. Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts. Regardless of tax liability, financial institutions across...

Uruguay Regulator Suggests that Crypto-Real Estate ‘Exchanges’ Are Possible

15.9.2021
del Castillo & Asociados approached the General Tax Directorate (known locally as the DGI), an agency that answers to the nation’s Ministry of Economy and Finance, for advice on the matter.    The media outlet noted that a number of “specialized portals” that advertise real est

Authorities Seize USD 5.2m in Crypto from ‘Tax Dodgers’

15.9.2021
tax crackdown on suspected cases of unreported or underreported taxable income by studying customer data they were handed by the nation’s four largest crypto exchanges

US lawmakers propose adding digital assets to 'wash sale' rule and raising capital gains tax

13.9.2021
If passed, the plan would raise the capital gains tax rate for "certain high income individuals" to 28.8%, while eliminating the "wash sale" loophole for crypto users

Institutional Crypto Flows, El Salvador's Tax-Free BTC Profit + More News

13.9.2021
now risen 143% since their lows in early July to USD 3.8bn. This rise in volumes and inflows indicates investors are now beginning to be more active following the seasonal summer doldrums, per CoinShares.MTD - month-to-date; YTD - year-to-date; AUM - assets under management. Source: CoinSharesSinga

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

Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says

13.9.2021
The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto...

IRS Agent Poses as Bitcoin Trader Called ‘Mr. Coins,’ Biden’s IRS Wants ‘Outflow and Inflow’ Data From Banks

2.9.2021
Over the last few weeks, Americans have read about the U.S. Internal Revenue Service (IRS) upping its tax enforcement to catch cryptocurrency users who have not paid taxes. According to one report, the IRS may get access to bank inflows and outflows via Joe Biden’s American Families Plan....

South African Tax Body Updates Crypto Tax Guidance, Confusion Persists

2.9.2021
In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in...

Canadian Tax Agency Launches Audit To Thwart Crypto Tax Evasion

1.9.2021
The Canada Revenue Agency (CRA) is increasingly targeting crypto traders who have not yet reported their profits from transactions as part of a large scale audit implemented by the tax agency’s Cryptocurrency Section. The crackdown was signaled by Norman MacDonald, head of tax litigation at...

Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report

1.9.2021
The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”...

Slovenian finance authority proposes 10% tax on crypto income

31.8.2021
Slovenian financial authorities have announced a proposal to tax cryptocurrency participants 10% on their asset income, specifically on purchasing and selling activities

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...

Pay Tax on Your Bitcoin Profits or Face Punishment, Mexican Auditor Warns

30.8.2021
An auditor has warned that Mexicans must pay tax on bitcoin (BTC) and altcoin trading profits – or run the risk of becoming earmarked as money-laundering offenders. Per the news agency EFE, via El Nacional, Fidel Ortiz, the director-general of the accountancy FIXAT, claimed that BTC investment...

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...