Taxation

Indian Crypto Association Seeks Relief from High Taxes

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance...
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Italy to Start Taxing Crypto Trading Gains From 2023 (Report)

The government of Italy is reportedly looking to enforce strict rules on the local crypto space by imposing a 26% tax on profits generated from digital asset trading.  However, residents who earn less than €2,000 ($2,090) per year from dealing with bitcoin or altcoins will be excluded from the possible upcoming legislation. Italy’s Next Crypto...
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Binance Has No Big Plans for India Due to High Taxation, Says CZ

Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged...
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IRS is Building Hundreds of Crypto Tax Evasion Cases

Hundreds of crypto-related cases are piling up at the Internal Revenue Service (IRS)’s Criminal Investigation division. According to division chief Jim Lee, many of these cases will be made public soon, of which are largely related to tax. Evading Taxes With Crypto As reported by Bloomberg Tax, some of his division’s most common cases are...
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IRS Goes After Crypto Broker for Transaction Data in Latest Tax Chase 

The US Internal Revenue Service is ramping up its efforts to collect taxes from crypto traders regardless of a 70% market slump. The tax department has obtained a court order authorizing summons for records of US taxpayers that failed to report transactions and pay taxes on crypto profits. Specifically, the IRS will issue what is...
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South Korea Seized $183 Million Worth of Crypto From Tax Evaders (Report)

South Korean law enforcement officers have reportedly confiscated around 260 billion won ($183 million) worth of cryptocurrencies from local individuals and businesses in two years as they were not abiding by local taxation laws. Not long ago, the authorities targeted the notorious leader of Terraform Labs – Do Kwon. He was accused of gifting tokens...
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Colorado Becomes the First US State Accepting Taxes in BTC and ETH: Report

The authorities of Colorado announced that state residents can now pay their taxes in cryptocurrencies instead of fiat. Among the supported digital assets are the two biggest by market capitalization – Bitcoin (BTC) and Ether (ETH). Still, Colorado’s Revenue Department is not allowed to accept direct crypto payments, which is why it partnered with PayPal,...
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Traders Flock to Binance as New Taxes Send Indian Exchanges Out of Business: Report

A Bloomberg report on Wednesday claimed that Binance app downloads in India jumped to 429,000 in August, the highest this year. This comes just months after the country implemented stringent taxation on local exchanges. Binance’s India Gains Binance is the only one among the major exchanges whose app downloads had seen an increase in August...
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These Countries Have the Best Crypto Tax Legislation: Research

The digital asset exchange aggregator – Coincub – conducted a study to find out which countries offer the friendliest cryptocurrency tax policies to their citizens. Germany ranked as the world’s crypto tax heaven, while Italy and Switzerland were respectively second and third. Taking a look at the opposite corner, Belgium is the worst nation for...
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South Korean Finance Ministry Says Airdrops Are Subject to Gift Tax

The Ministry of Strategy and Finance of the South Korean government has said that virtual asset airdrops are subject to gift tax as per existing tax laws. Gift tax has to be paid when free virtual assets with economic value are paid out, media reports said. Gift Tax on Airdrops Recently, the South Korean finance...
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U-Turn: Major Portuguese Banks Close Crypto Accounts (Report)

Some of the leading banks in Portugal, including Banco Comercial Portugues and Banco Santander, have reportedly shut down all of CriptoLoja’s accounts last week. The company is the first cryptocurrency exchange that received a license to operate in the country. Prior to that, Portugal’s authorities have displayed a predominantly crypto-friendly stance, rejecting two tax proposals...
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Japanese Lobbying Groups Insist on Tax Cuts to Retain Crypto Talents: Report

Cryptocurrency lobbying groups in Japan reportedly intend to ask lawmakers to reduce the tax rates on the local digital asset sector. Thus, talents in the industry will be more likely to stay in their home country instead of trying their luck in a nation where taxation policies are less stringent. The Crypto Brain Drain Should...
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South Korea Proposes to Defer Planned Crypto Tax Until 2025 

In a tax reform introduced on Thursday, the South Korean government proposed to postpone the planned 20% tax on crypto earnings for two years. If accepted, crypto earnings in South Korea will be taxed from 2025. The tax plans for the digital asset sector were originally to kick in from January 2022. But in December...
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The UN Calls for Crytpo Clampdown in Kenya

The United Nations (UN) advised the governments of Kenya and other developing nations to impose comprehensive regulations on their cryptocurrency sectors. Calling for a Clampdown The global organization that maintains international peace and security – the United Nations – seems to have the cryptocurrency industry in its sight. In a recent policy brief, it urged...
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Indian Exchanges Volumes Slump Further Following Recent Crypto Tax

In the wake of major Indian exchanges witnessing drastic drops in trading volume since the 30% tax on obtained revenues came into effect on April 1, the industry now encounters additional downward pressure following the introduction of another new tax that kicked in last Friday. Trading volume on large platforms has been down roughly 95%...
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Russia Approves Potential Tax-Exemption for Digital Asset Issuers

Russian lawmakers recently approved a draft law that could possibly exempt digital asset issuers from making value-added tax payments. It has also established new tax rates on income earned through the sale of such assets. Russia’s New Crypto Legislation As reported by Reuters, the draft law was approved following second and third readings by members...
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Albania to Start Taxing Crypto Profits From Next Year (Report)

The Albanian authorities have reportedly decided to apply taxes on earnings generated from cryptocurrency trading. The legislation is supposed to come into effect from the beginning of 2023. Albania’s Crypto Environment In 2020, the Balkan country displayed its intentions to regulate the local cryptocurrency sector by passing a law called “Financial markets based on distributed...
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Luna 2.0 Airdrop Exposes Investors in India to Tax Burdens (Report)

The crash of Luna and TerraUSDT and the launch of Luna 2.0 have unleashed a wave of taxation issues for investors in India. While the Terraform Labs team has worked out a recovery plan and launched Luna 2.0 to compensate for the losses, concerns are piling up. Gift Tax on Luna 2.0 Airdrop In a...
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Indian Government to Release Guidelines for Certain Crypto-Related Taxations: Report

The Indian government is planning to issue a set of guidelines before July 1 after making some amendments to the scope and definition of VDAs for effective tax administration of virtual digital assets (VDA). The Central Board of Direct Taxes (CBDT) has been asked to prepare the guidelines, media reports said. “This is an evolving...
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Portugal’s Congress Rejected 2 Crypto Tax Proposals

Assembleia da República – Portugal’s Congress – dismissed two separate bill proposals focused on the taxation of cryptocurrency transactions. The suggestions were introduced by the left-wing parties – Livre and Bloco de Esquerda. Crypto Transactions in Portugal Remain Nontaxable A few weeks ago, the country’s Finance Minister – Fernando Medina – revealed the government’s plans...
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Indian Crypto Industry Reps Call for Reduction in Certain Taxation Rules

The call for reducing Tax Deduction at Source (TDS) on crypto transactions is intensifying among the crypto ecosystem players in India. A TDS of 1% on virtual digital assets has been approved by the Union budget 2022-23. Terming this too high as it can drive traders away from the market and hurt volumes, industry representatives...
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Australia to Focus on Crypto Taxation This Year

The Australian Taxation Office (ATO) announced Monday that it will focus on digital assets this year as it expects to see more Aussies report capital gains or losses in their tax returns. Aussies Are Engaging With Crypto The tax regulator treats crypto assets as digital property, hence Aussies who sell their digital assets, including non-fungible...
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Portugal to Begin Taxing Cryptocurrencies, says Finance Minister

Portugal’s Finance Minister Fernando Medina has confirmed plans to apply capital gains taxes on cryptocurrency profits. Though he has not committed to a specific date, he stressed that there can no longer be gaps within the tax system around transactions involving digital assets. Ending the Tax Haven? Cryptocurrencies are currently subject to very few tax...
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British Crypto Investors Can Now Offset Losses With Future Gains for Tax: Report

Though Bitcoin touched the 30,000 level after days of violent dumps befalling the crypto market, a large portion of investors have since then remained underwater. The recent market selloff led by Terra and its two native cryptocurrencies plummeting in value has at one point wiped out the crypto market’s total gains attained from 2021. But...
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Indian MP: Bad Crypto Regulations Will Cause Innovation Exodus

As declared by Union Budget 2022-23, Indian cryptocurrency investors will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. However, the current tax regime is expected to trigger a mass exodus of talent from the country, which faces the risk of missing out on Web 3.0 innovation,...
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South Korea, Britain, Bulgaria to Join Forces to Combat Crypto Tax Dodgers (Report)

South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes”  through the use of digital assets.  As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to...
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Rio de Janeiro to Accept Cryptocurrency Payments for Taxes (Report)

Cryptocurrency adoption comes in different forms these days, but it seems that countries and cities are becoming more open to the idea of allowing certain payments to be made using such assets. Brazil’s second-largest city said it wants to become the first within the nation’s borders to accept BTC payments for taxes. The report from...
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State of Colorado To Accept Crypto For Tax Payments By Summer 2022

Jared Polis – Governor of Colorado – recently announced plans to accept cryptocurrency for tax payments in his state. Taking a similar approach to Miami Mayor Francis Suarez, Colorado may even launch their own dedicated crypto token. Crypto Taxes In Colorado The governor revealed some of his crypto-adoption plans in an interview with CNBC on...
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Thailand Presents More Relaxed Plans for Cryptocurrency Taxation: Report

The Asian country has dabbled with what sorts of tax it should put on cryptocurrency mining, trading, and transacting for months. However, the Financial Times reported that the authorities had ultimately decided to abandon the idea to tax transactions. Citing Thailand’s new revenue department rules, the FT said the authorities no longer want to implement...
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Thailand Reportedly Plans to Levy 15% a Capital Gains Tax on Crypto Profits

The regulatory and surveillance environment is likely to become more stringent for crypto traders in Thailand. Crypto Profits to Attract 15% a Capital Gains Tax As per a report from the Bangkok Post, crypto profits will attract a 15% capital gains tax from the current year. The initiative will be applicable to digital asset investors...
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