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Brazilian Senate OKs ‘15% Crypto Tax Rate’
1.12.2023
Source: karlavidal/Adobe Brazilian senators have voted in favor of a bill that proposes taxing crypto tax profits earned on overseas crypto platforms at a fixed rate of 15%. Per the parliamentary website and a report from Brazil’s Livecoins, lawmakers “seriously amended” the bill to ensure...
UK Won’t Excuse Ignorance in the Hunt for Unpaid Crypto Taxes, Experts Say
30.11.2023
The government could use a number of different ways to track down crypto tax evaders, CoinDesk was told
Ukrainian Lawmakers Mull Two Crypto Tax Bills
29.11.2023
Source: Mariana Ianovska/Adobe Ukrainian lawmakers are set to debate two crypto tax bills, as Kyiv looks to raise money from crypto traders. Per Minfin and PSM7, Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, confirmed that the regulator was the author of...
Spain’s Crypto Users to Declare Digital Assets on Foreign Platforms as Tax Agency Updates Guidelines
28.11.2023
Source: alexlmx/Adobe Spain’s tax administration agency, popularly called Agencia Tributaria has released new rules governing digital asset reporting in the country that will see holders declare their foreign-held assets. The tax agency released form 721, a tax reporting form for users that hold...
Japanese Tax Agency Investigates Hundreds of Crypto Tax Violations
27.11.2023
Source: umaruchan4678/Adobe The Japanese National Tax Agency (NTA) has revealed it has recently investigated hundreds of crypto tax violations. The NTA released its annual report on tax investigations ahead of the weekend, including a section on crypto taxation. The data in the report, and also...
DeFi Users Seek Clarity as Australia’s Tax Office Fails to Explain New Capital Gains Tax Rules
24.11.2023
The ATO’s opaque DeFi tax guidance perplexes Australian crypto investors. Image by Vadym, Adobe Stock. The Australian Taxation Office (ATO) released new guidance on November 9, stating that capital gains tax (CGT) applies to certain decentralized finance (DeFi) transactions. The tax agency...
Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules
24.11.2023
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
South Africa Becomes the Sole African Nation to Adopt Crypto-Asset Reporting Framework
18.11.2023
South Africa is the only African country to join the group of countries that have agreed to implement the Crypto-Asset Reporting Framework. According to the South African Revenue Collector, the reporting framework is expected to improve its “ability to ensure tax compliance and clamp down...
What You Need to Know About Crypto Tax Loss Harvesting
17.11.2023
US Lawmakers Write to Treasury Department Seeking Amendment On Proposed Crypto Tax Rules
16.11.2023
Source: Pixabay A group of United States lawmakers have led an effort for a change in the proposed cryptocurrency tax regime announced by the Treasury Department. The group addressed a letter to the Department on Nov 15 urging the body to change its approach to regulating the sector specifically...
U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules
16.11.2023
A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime
The Global Movement to Promote Crypto Tax Transparency — What You Need to Know
15.11.2023
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
40+ Countries Implementing International Crypto Reporting Framework
15.11.2023
Over 40 countries have agreed to implement the crypto reporting framework developed by the Organisation for Economic Co-operation and Development (OECD) as mandated by the G20. The widespread, consistent, and timely implementation of this crypto reporting framework “will further improve...
Crypto Regulation News Weekly Digest: Major Nations Commit to Crypto Tax Reporting Standard and EU Issues Draft Stablecoin Guidelines
14.11.2023
Nations and authorities advance crypto regulations across taxation, stablecoins, geo-blocking, and compliance this week. Image by motortion, Adobe Stock. Last week brought several noteworthy developments in the evolving crypto regulation scene across the globe. Major nations made efforts towards...
The IRS and the Rising Cost of Crypto Tax Compliance
14.11.2023
David Kemmerer anticipates the unintended consequences of proposed new regulations on brokers reporting crypto transactions. Expensive “tax experts” are set to benefit financially, he says, even if ordinary investors won’t
Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi
14.11.2023
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
Crypto Tax Proposal Open for Revision, IRS Officials' Questions Suggest
13.11.2023
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 hearing may reveal some flexibility in the rule...
Crypto Tax Basics: A 101 for Beginners
13.11.2023
Everything you need to know, courtesy of Jaimin Desai, CEO & Co-Founder of Reconcile, a tax optimization platform helping investors, business owners and high-income earners pay less tax
48 Countries Join Forces to Combat Crypto Tax Evasion Starting in 2027
13.11.2023
Source: AdobeStock / Nuthawut Forty-eight countries across six continents have committed to a new tax transparency standard starting in 2027 to fight crypto-related tax evasion. Countries – including Ireland, Austria, France, Germany, Italy, Croatia, Japan, South Korea, the US, and Canada...
47 Countries Adopt New CARF Framework on Automatic Exchange of Information Between Tax Authorities
10.11.2023
Source: Adobe/amirul syaidi A consortium of 47 countries, including the US, the UK, and Australia, have adopted a new framework for the automatic exchange of information between tax authorities. The framework, known as the Crypto-Asset Reporting Framework (CARF), was developed by the Organisation...