5 / 8 Relevant items tagged with #Taxes

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U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

[Aug 25, 2023 6:45 AM] The U.S. Treasury Department has finally unveiled its definition of a "broker" for the crypto industry, defining how crypto companies and investors will need to meet tax reporting obligations and answering a years-old question over whether…

South Korean city to seize crypto from thousands of tax evaders: Report

[Aug 22, 2023 2:38 AM] City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government.

Coin Center responds to US lawmakers’ request for crypto tax guidance

[Aug 21, 2023 2:40 PM] The crypto advocacy group’s suggestions included a de minimis exemption for crypto transactions and having the IRS provide guidance on block rewards, airdrops and hard forks.

Brazil's Congress moves to levy higher taxes on cryptocurrencies

[Aug 12, 2023 11:06 AM] If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.

FTX has a plan, but creditors are not impressed: Law Decoded

[Aug 7, 2023 2:30 PM] A body representing FTX customers said it is “extremely disappointed” by the company’s reorganization plan.

Ukraine Government Reveals Crypto Firms Have Cost The Country $81 Million In Lost Taxes

[Aug 3, 2023 10:00 AM] According to data released by the Ukrainian government, cryptocurrency firms offering services in Ukraine have failed to contribute over $81 million in taxes to the country’s budget in the past decade. This comes after the country passed a crypto…

Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013

[Aug 2, 2023 10:30 AM] A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework.

Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance

[Aug 1, 2023 8:00 AM] The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take…

Japan Blockchain Association demands tax cuts for crypto

[Jul 31, 2023 9:04 AM] Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.

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…

Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report

[Jul 26, 2023 1:45 PM] A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS.

Thodex CEO sentenced to Turkish prison for failure to submit tax documents

[Jul 18, 2023 1:37 AM] Faruk Fatih Özer failed to submit the requested documents to the Tax Inspection Board. He denied being Thodex’s official at the time, which prevents him from presenting the requested books.

US Senate Finance Committee asks digital asset community how to tax it in open letter

[Jul 11, 2023 4:00 PM] Community members may want to read up on the intricacies of tax law before they respond, but they have two months to do so.

Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel

[Jul 6, 2023 2:15 AM] The bill would also level up crypto bonuses with employee stock options by reducing the current 50% tax to 25%.

IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

[Jul 5, 2023 2:00 PM] Income tax, property tax, VAT, corrective taxation — there is a tax goldmine out there for governments, but they will have to think hard about accessing it.

Kraken ordered by court to disclose user data to IRS for tax compliance

[Jul 1, 2023 4:10 AM] Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year.

US Judge Orders Kraken to Release Customer Data to IRS in Cryptocurrency Tax Probe

[Jun 30, 2023 10:30 PM] Kraken, the San Francisco-headquartered digital currency exchange, has received a court order from a U.S. judge requiring the release of customer data to the Internal Revenue Service (IRS). The court filing, submitted on Friday, states that the IRS…

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…

Biden Pledges to Eliminate Tax Loopholes for Crypto Traders — Vows to Make US Tax System Fair

[Jun 30, 2023 12:30 PM] U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy…

Slovakian parliament votes to approve lower crypto taxes

[Jun 29, 2023 4:56 AM] A parliamentary vote held by lawmakers in Slovakia approved an amendment that will reduce the taxation of cryptocurrencies, which is currently on a sliding scale.

Crypto Companies in Japan Get Tax Relief Under Revised Rules

[Jun 26, 2023 2:30 AM] The tax administration of Japan has provided an exemption to companies issuing cryptocurrencies under a revision of the corporate tax rules. A local crypto media report described the move as a step toward improving the business environment for the…

How to track and report crypto transactions for tax purposes

[Jun 21, 2023 9:42 AM] Crypto assets are subject to tax and must be tracked and reported to the IRS. This comprehensive tax guide contains everything you need to know.

Nigeria to tax crypto, digital assets 10% on capital gains — Experts react

[Jun 10, 2023 1:54 AM] The legislation aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets.

Intuit introduces proprietary large language models for fintech with GenOS

[Jun 7, 2023 3:00 PM] Intuit is launching an operating system for generative artificial intelligence that will feature AI models trained on the company’s financial data.

U.S. Lawmakers Urge IRS, Treasury to Hurry Crypto Tax Rules

[Jun 7, 2023 2:39 AM] Congressmen Brad Sherman and Stephen Lynch called the crypto industry "a major source of tax evasion" in a letter asking for the prompt release of proposed regulations.

Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns

[Jun 1, 2023 3:25 PM] The proposal would have allowed Uniswap’s governing body to receive a percentage of the fees that currently go to liquidity providers.

Does the US have a crypto ‘tax loophole’ problem?

[Jun 1, 2023 6:36 AM] The Biden administration wanted to nix a “special tax subsidy for cryptocurrency,” but it wasn’t in the May 28 debt ceiling bill. Another narrow escape?

Deal to avoid US debt default nixes proposed 30% crypto mining tax, says Ohio lawmaker

[May 29, 2023 3:53 PM] According to Representative Warren Davidson, legislation to address the U.S. debt ceiling blocks “proposed taxes,” including a 30% tax on electricity used by crypto miners.

Tax Attacks Won’t Kill Bitcoin: Regulators Must Learn To Accept New Technology

[May 26, 2023 6:00 AM] This is an opinion editorial by Conor Chepenik, an organizer for the MassAdoption Bitcoin meetup. Source Congressman Brad Sherman's recent tweet attacking Bitcoiners as "tax evaders" is a prime example of how Bitcoin has become a mainstream…

G7 discusses crypto, supports CBDC — Law Decoded, May 15–22

[May 22, 2023 2:30 PM] The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets.