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Indonesia sees a 62% fall in cryptocurrency tax revenue
5.3.2024
Indonesia encountered a significant 62% reduction in its cryptocurrency tax revenue for the year 2023, notwithstanding the noteworthy appreciation of Bitcoin’s worth. Throughout the year, cryptocurrency transactions generated a cumulative tax revenue of $31.7 million. The purported cause...
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...
Indonesia’s Crypto Watchdog Pushes for Friendlier Taxes as Regulatory Overhaul Looms
1.3.2024
Crypto is classified as a commodity in Indonesia and is subject to VAT and income tax
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...
South Korea’s Ruling Party Seeks Cryptocurrency Tax Delay as Election Promise
19.2.2024
South Korea’s ruling People Power Party is advocating for a two-year postponement of the taxation on gains from cryptocurrency investments. The move is seen as a potential campaign promise for the upcoming general election scheduled for April. The party aims to prioritize establishing...
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...
Thailand Pushes Towards Digital Asset Hub with Introduction of VAT-Free Crypto Trading
7.2.2024
In a move to position Thailand as a leading digital asset hub, the country’s Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. The decision aims to promote digital assets as a new alternative tool for fundraising and drive the growth of...
Brazilian Tax Authority Reports Bitcoin Irregularities in Over 25,000 Statements
6.2.2024
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 include these holdings in its income tax statements...
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...
Spanish Treasury Proposes Tax Reform to Allow Cryptocurrency Seizures
5.2.2024
The Spanish Treasury is proposing a tax reform to allow the seizure of cryptocurrency assets when liquidating tax debts. According to local sources, the proposal would also allow the state administration to embargo these digital assets as it is giving the first steps by declaring electronic money...
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...
India Keeps Stiff Taxes on Crypto as Interim-Budget Is Revealed in Election Year
1.2.2024
India has not introduced any changes to the controversial tax deducted at source (TDS) affecting the crypto industry
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...