3 / 5 Relevant items tagged with #Tax

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Crypto Tax Planning: Merging Tax-Loss Harvesting With Charitable Giving

[Dec 18, 2023 6:15 PM] As the year winds down, cryptocurrency investors can combine tax-loss harvesting with cryptocurrency donations to charities, a move that optimizes tax benefits while supporting worthy causes. Embrace Year-End Tax Strategy With Charitable Giving…

IRS tax bill will swipe creditors of any ‘meaningful recovery,' says FTX

[Dec 11, 2023 10:05 PM] FTX Trading said the firm “never earned anything anywhere near the amount” that would justify a $24 billion tax bill.

Crypto is the ‘largest growing’ asset class in Aussie DIY pensions

[Nov 30, 2023 4:40 PM] Australians are increasingly adding cryptocurrency to their “self-managed super funds” as a means to secure their retirement life, according to newly released data.

Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report

[Nov 30, 2023 11:18 AM] The bill is awaiting presidential approval.

UK Won’t Excuse Ignorance in the Hunt for Unpaid Crypto Taxes, Experts Say

[Nov 30, 2023 10:46 AM] The government could use a number of different ways to track down crypto tax evaders, CoinDesk was told.

UK to Hit Crypto Users With Penalties for Unpaid Taxes

[Nov 29, 2023 4:46 AM] The Treasury encouraged users to voluntarily disclose unpaid income or capital gains tax from crypto, NFT and utility token holdings.

Latam Insights: Milei Wins Runoff Election, Vows to Eliminate Central Bank in Argentina; Drex to Encourage Tokenization

[Nov 27, 2023 12:30 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Libertarian Javier Milei wins the runoff election in Argentina, reinforcing his intention of eliminating…

Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules

[Nov 23, 2023 7:09 PM] The Australian Tax Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer 2 bridges.

1 Way to Revive Dead NFT Wallets

[Nov 22, 2023 10:02 AM] Conceptual artist and legal scholar Brian Frye says inaccessible crypto tokens cannot be sold, but can be donated — with potentially significant tax benefits.

U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules

[Nov 16, 2023 12:56 AM] A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime.

Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi

[Nov 14, 2023 5:06 AM] Australia's tax authority has clarified that its capital gains tax on crypto products also extends to wrapped tokens or token interaction with decentralized (DeFi) lending protocols.

IRS 'Raided' by Crypto Investors as Industry Puts Up Fight Against U.S. Tax Proposal

[Nov 13, 2023 7:30 AM] The U.S. Internal Revenue Service (IRS) is gathering the final words now from a crypto sector that is arguing the agency's proposal for a digital-assets taxation regime is an existential threat to investor privacy and to decentralized crypto…

India's Controversial Crypto Tax Should Be Cut After Failing to Achieve Aims, Think Tank Urges

[Nov 9, 2023 5:28 AM] India's most controversial crypto tax, the 1% TDS levy deducted at source, should be lowered to 0.01%, according to the findings of a new study.

Crypto Tax Platform Blockpit Buys Rival Accointing From Glassnode

[Nov 7, 2023 2:43 AM] The "multi-million dollar" acquisition gives Austria-based Blockpit a footprint in the U.K.

Crypto Exchange Wants to See India Lower Tax on Trading

[Oct 30, 2023 2:30 AM] Indian government should lower a tax on crypto transactions as it’s not fulfilling its stated purpose, a local cryptocurrency exchange said. The company blames the levy, which was introduced last year, for driving Indian crypto trading volumes to…

Tax Authorities in EU to Share Transaction Data Reported by Crypto Firms

[Oct 19, 2023 5:30 AM] New EU rules will introduce automated exchange of information on crypto revenues reported by service providers in the sector. A new directive adopted by the Union expands existing registration and reporting obligations as well as cooperation…

EU Formally Agrees on New Crypto Tax Data Sharing Rules

[Oct 17, 2023 10:52 AM] The finalized rules, set to be published in the EU's official journal, force crypto firms to report on customers' holdings to be shared between tax authorities.

Taiwanese Crypto Trader's 6-Cent Fee Leads to $310K Win in Tax-Receipt Lottery

[Oct 5, 2023 10:20 AM] Sometimes, being tax-compliant pays off.

Crypto Miners Blame ‘Exorbitant Taxes’ for Kazakhstan Exodus

[Oct 2, 2023 12:00 AM] Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year…

South Koreans Report Over $98 Billion in Overseas Crypto Assets

[Sep 21, 2023 2:30 AM] South Korean tax payers have declared some 131 trillion won (more than $98 billion) of crypto holdings in overseas accounts this year. The amount was announced by the country’s tax agency and it comes after the authorities in Seoul imposed a…

South Koreans Hold $99B of Digital Assets Overseas: Tax Service

[Sep 20, 2023 7:18 AM] The crypto held in overseas accounts for about 70% of all assets held outside the country.

Why Wealth Managers Are Choosing These Crypto Accounts

[Sep 6, 2023 9:45 AM] Separately managed accounts have seen explosive growth in TradFi, and there are benefits in crypto, too.

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

[Aug 25, 2023 9:23 AM] An immediate burst of criticism from the crypto industry shows the U.S. Treasury Department’s new proposal on how to handle digital assets taxes will face a long road as it enters a months-long period of public comments and hearings.

A Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn’t it Proposed?

[Aug 7, 2023 10:29 AM] Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers…

Crypto staking rewards are taxable once received: IRS

[Jul 31, 2023 9:57 PM] The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain "dominion" over the tokens.

IRS: Crypto Staking Rewards Taxable Once Investor Gets Hands on Tokens

[Jul 31, 2023 3:53 PM] A cryptocurrency investor rewarded assets for validation activity on a proof-of-stake network should count the rewards as income in the year the investor gets control of those tokens, according to a ruling issued Monday by the Internal Revenue…

Japan Blockchain Association Urges Tokyo to Overhaul Crypto Tax System

[Jul 31, 2023 3:30 AM] An industry organization in Japan has suggested that the government should reform taxation rules for crypto assets and transactions. Its members are convinced that the current tax regulations hinder growth of the Web3 economy in the country and…

U.S. Senate Finance Committee Asks Crypto Industry for Tax Guidance

[Jul 12, 2023 2:50 AM] The committee sought input from the cryptocurrency industry to better understand the tax challenges presented by digital assets.

Slovakia to Lower Tax on Income From Crypto Holdings

[Jun 30, 2023 4:30 PM] Lawmakers in Slovakia have adopted legislation that will reduce the tax burden for cryptocurrency holders in the country. Income derived from long-term investments in digital assets will also be relieved from healthcare taxes, the parliamentarians…

Slovakian Crypto Tax-Cutting Bill Passes National Parliament

[Jun 29, 2023 6:18 AM] Lawmakers wanted to see a 7% rate for crypto held longer than a year