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Thailand Offers Crypto Tax Break to Promote Investment Tokens
14.3.2024
The Thai government has approved crypto tax break for individuals holding investment tokens, looking to encourage the use of these tokens for fundraising purposes.
The post Thailand Offers Crypto Tax Break to Promote Investment Tokens appeared first on Cryptonews
Biden’s Budget Proposal for 2025 Rekindles Discussion of 30% Electricity Tax for Crypto Miners
12.3.2024
President Joe Biden has reignited the debate surrounding the imposition of a 30% tax on electricity used by cryptocurrency miners in a budget proposal for 2025.
The post Biden’s Budget Proposal for 2025 Rekindles Discussion of 30% Electricity Tax for Crypto Miners appeared first on Cryptonews
President Biden Proposes Crypto Mining Tax and Wash Sale Rule in 2025 Budget Proposal
11.3.2024
President Biden's 2025 budget proposal aims to introduce a crypto mining tax and close the wash sale loophole for digital assets. The move faces opposition from House Republicans, who criticize the administration's spending. As the 2024 presidential race heats up, the outcome could shape the future...
South Korea Aims To Launch Virtual Asset Tracking System to Ensure Tax Transparency
11.3.2024
South Korea plans to launch a tracking system that aims to ensure virtual asset users aren’t avoiding taxes. The National Tax Service has reportedly chosen a consulting firm to develop a sophisticated system for overseeing these assets.
The post South Korea Aims To Launch Virtual Asset Tracking...
Indonesia Watchdog Urges Finance Ministry to Re-Evaluate Crypto Tax Regime
4.3.2024
Cryptocurrencies are treated as a commodity in Indonesia and is currently subject to 0.11% value-added tax and 0.1% income tax.
The post Indonesia Watchdog Urges Finance Ministry to Re-Evaluate Crypto Tax Regime appeared first on Cryptonews
Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes
4.3.2024
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 been surpassing that generated from fintech...
IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts
28.2.2024
The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives — Sulolit “Raj” Mukherjee and Seth Wilks — to aid in digital asset reporting, compliance, and enforcement programs.
The post IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts...
South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders
22.2.2024
South Korea's most populated province, Gyeonggi, has collected $4.6 million from crypto tax evaders, it announced on Thursday, according to a local report by Yonhap News Agency
South Korean Province Collects $4.6M in Back Taxes Using Crypto Tracking System
22.2.2024
South Korean province of Gyeonggi is using a nuanced crypto tracking system to claw back unpaid taxes. So far, the province has collected $4.5 million in taxes from delinquents using the crypto tracking system.
The post South Korean Province Collects $4.6M in Back Taxes Using Crypto Tracking System...
South Korean Province Collects $4.6M in Taxes Using Crypto Tracking System
22.2.2024
South Korean province of Gyeonggi is using a nuanced crypto tracking system to claw back unpaid taxes. So far, the province has collected $4.5 million in taxes from delinquents using the crypto tracking system.
The post South Korean Province Collects $4.6M in Taxes Using Crypto Tracking System...
Latam Insights: Bukele Wins Presidential Ballot by Landslide, Brazil Strengthens Crypto Tax Oversight
12.2.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements,...
Thailand Abolishes Value-Added Tax Previously Applicable on Digital Asset Trades
9.2.2024
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 exchanges. VAT Exemption to Bolster Thailand’s...
Spanish Ministry of Finance to Seize Cryptocurrencies for Debt Collection from Taxpayers
5.2.2024
The Spanish Ministry of Finance aims to enable the seizure of digital assets as a means to settle tax debts. Under the leadership of María Jesús Montero, the ministry is currently working on legislative reforms to the General Tax Law, with a specific focus on Article 162. The proposed changes would...
Latam Insights: El Salvador Reinforces Its Bitcoin Allegiance, Milei Drops Crypto From Omnibus Bill
5.2.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador to deepen its Bitcoin commitment if President Bukele gets reelected, Argentine President Javier Milei drops crypto tax matters from Omnibus Bill...
Reserve Bank of India Furthers CBDC Efforts: Report
2.2.2024
The Reserve Bank of India (RBI) is now exploring tech solution for privacy concerns of central bank digital currency (CBDC). According to an insider who is familiar with the government’s CBDC moves, India is making progress in CBDCs with caution. The unnamed source told CoinDesk that the central...
Argentina’s Milei Administration Reverses Course on Crypto Tax Benefits Law
1.2.2024
Argentina’s President Javier Milei has decided to remove proposed crypto tax law from a controversial omnibus reform package in a bid to expedite the approval of a set of reforms. The bill, known as the “Ley Ómnibus” or the “Law of Bases and Starting Points for the Freedom...
Argentinian Authorities Introduce Bill to Drop Crypto Tax Opportunities
31.1.2024
The Argentinian government has drafted a bill that seeks to drop crypto tax opportunities for undeclared assets. These tax windows significantly reduce fees for undisclosed assets at the moment. The government led by pro-Bitcoin President Javier Milei pushed a bill titled “Law of Bases and Starting...
IRS Revises Digital Asset Question on Tax Forms
25.1.2024
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, not just by those who engaged in a transaction...
Indonesia Sees Sharp Decline in Crypto Tax Revenue, Falling 63% in 2023
24.1.2024
The Indonesian government has reported a significant decline in crypto tax revenue for 2023, amounting to $31.7 million (Indonesian Rupiah 467.27 billion), according to a report by local news outlet Kontant. The fall marks a sharp 63% drop compared to the partial collection period in 2022 when...
US IRS Reminds Taxpayers to Report all Crypto-Related Income
24.1.2024
Source:Adobe The US Internal Revenue Service (IRS) has issued a reminder to all taxpayers to report any crypto-related income. The tax regulator has included a digital asset question on 2023 tax return Form 1040. The question asks taxpayers to report cryptos received in 2023 as a reward, award...