3 / 8 Relevant items tagged with #Taxes

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Brazil Eyes Crypto Taxation Changes in New Bill

[Apr 4 8:29 PM] Brazil is on the verge of presenting a new crypto taxation scheme proposed in a bill to be presented to the National Congress in the coming days. The bill proposes taxing cryptocurrencies the same way as shares and capital instruments with…

Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert

[Apr 3 1:22 AM] Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the…

Memes to Millions: The Tax Implications of Sudden Crypto Wealth

[Apr 2 2:53 PM]

Thailand Greenlights Income Tax Exemption for Investment Token Earnings: Report

[Mar 13 4:59 AM] Earnings already subject to the 15% capital gains tax don't need to be included when calculating income taxes.

Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes

[Mar 3 11:30 PM] The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto-based transactions has…

Thailand Abolishes Value-Added Tax Previously Applicable on Digital Asset Trades

[Feb 9 1:30 AM] The Thailand Finance Ministry has announced the removal of the previously applicable value-added tax on digital asset trading. This exemption, which took effect on Jan. 1, 2024, extends to regulated brokers, dealers, and authorized cryptocurrency…

Brazilian Tax Authority Reports Bitcoin Irregularities in Over 25,000 Statements

[Feb 6 1:00 AM] The Brazilian tax authority has reported identifying cryptocurrency irregularities in more than 25,000 tax statements. After a country-wide investigation, the institution detected that 25,126 individuals who possessed at least 0.05 BTC failed to…

IRS Revises Digital Asset Question on Tax Forms

[Jan 24 8:30 PM] The Internal Revenue Service (IRS) has revised the question about digital assets included on income tax forms. Moreover, the tax authority has added the question to four additional tax forms. “The question must be answered by all taxpayers…

South Korean Tax Accountant: Digital Assets Held in Non-Custodial Wallets Not Subject to Overseas Reporting Requirement

[Jan 5 10:30 AM] South Koreans with digital assets held in non-custodial or decentralized crypto wallets like Metamask or Ledger are reportedly not subject to the country’s overseas financial account reporting requirement. According to a South Korean tax…

New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days

[Jan 2 9:30 PM] A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days…

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…

Brazil signs its overseas crypto tax bill into law

[Dec 15, 2023 2:00 AM] Under the new taxes, Brazilian citizens will pay the state up to 15% of their crypto profits.

US accounting standards board rules will reflect institutional crypto assets' fair value

[Dec 13, 2023 12:58 PM] The U.S. FASB has decided that crypto assets will be represented at their fair value in accounting beginning late next year.

Kenyan crypto tax bill makes it through parliamentary committee

[Dec 5, 2023 6:24 AM] The Capital Markets (Amendment) Bill will now be introduced to the lower chamber of the Kenyan parliament.

IRS team reports rise in crypto tax investigations

[Dec 4, 2023 3:52 PM] According to the fiscal year 2023 report, the IRS unit investigated failures to disclose crypto holdings and report on capital gains for transactions.

Tax services are getting pushy to have crypto declared: Law Decoded, Nov. 27–Dec. 4

[Dec 4, 2023 2:00 PM] Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.

UK crypto hodlers get a call from the tax grinch

[Nov 29, 2023 6:54 AM] His Majesty’s Revenue and Customs has issued a warning to crypto, NFT and utility tokenholders about paying their taxes on time or facing the consequences.

Spanish citizens to declare foreign crypto holdings by end of March 2024

[Nov 28, 2023 4:26 AM] Only individuals with balance sheets exceeding the equivalent of 50,000 euros in crypto assets are obliged to declare their foreign holdings.

Average value of undeclared crypto in Japan dropped 19% in 2022

[Nov 27, 2023 4:25 AM] The number of tax evasion cases featuring crypto assets rose 35% in 2022.

Congress Gets the Runaround From Regulators, Again

[Nov 15, 2023 4:04 PM]

The Global Movement to Promote Crypto Tax Transparency — What You Need to Know

[Nov 15, 2023 9:58 AM] In Europe and the U.S., there are a host of initiatives placing new requirements on participants in digital asset markets to report on transactions and meet other new provisions.

What the IRS Gets Wrong About DeFi and Crypto in Its Latest Tax Reporting Proposal

[Nov 14, 2023 10:26 AM]

Australia to impose capital gains tax on wrapped cryptocurrency tokens

[Nov 14, 2023 2:19 AM] Delivering a major hit to Australian crypto investors, the ATO stated that wrapping or unwrapping tokens — irrespective of their price at the time — will be subject to capital gains tax.

First deadline window looms for SEC to approve Bitcoin ETFs: Law Decoded

[Nov 13, 2023 3:36 PM] Even if approved by Nov. 17, the spot Bitcoin ETFs are unlikely to come to market for at least a month after approval.

Crypto Tax Proposal Open for Revision, IRS Officials' Questions Suggest

[Nov 13, 2023 2:20 PM] While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday…

Crypto advocacy group pushes back against proposed IRS rules on brokers

[Nov 13, 2023 2:20 PM] The Blockchain Association claimed the U.S. Treasury overstepped its authority in proposing crypto tax rules difficult or impossible to follow by many in the space.

What Are the Tax Implications of the Alleged Binance Wallet Hack (or Any Crypto Exploit)?

[Nov 13, 2023 2:12 PM]

47 countries pledge to authorize the crypto-asset reporting framework by 2027

[Nov 10, 2023 2:58 AM] The Crypto-Asset Reporting Framework is the new international standard for the automatic exchange of information between tax authorities.

How to manage crypto losses on tax returns in the US, UK and Canada

[Nov 8, 2023 8:55 AM] Unlock the complexities of cryptocurrency taxation and learn how crypto losses impact your tax liability in the United States, United Kingdom and Canada.

Expect new IRS crypto surveillance to come with a surge in confiscation

[Nov 7, 2023 3:37 PM] The Justice Department is claiming that it's "critical" for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off.