The Kenyan Revenue Authority (KRA) is tightening its grip on cryptocurrency by proposing a real-time tax system integrated with exchanges. This system would track all crypto transactions, capturing details like time and value for tax collection purposes. Beyond real-time taxation, Kenya is considering AI and machine learning to combat tax evasion. These technologies would improve…
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The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers. The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under…
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The Nigerian government is looking to impose taxes on the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) plans to introduce a new tax law to achieve this. Despite being a major crypto market, Nigeria currently receives minimal tax income from crypto-related activities. The FIRS is seeking support from the Nigerian National Assembly to implement…
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The Financial Intelligence Centre (FIC) has proposed a directive regarding crypto asset transfers. This directive follows the licensing of 75 crypto asset service providers (CASPs) by the Financial Sector Conduct Authority in South Africa. The FIC aims to tighten regulations by requiring CASPs to implement more detailed and stricter requirements for digital transactions. The directive’s…
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The landscape of crypto taxes is varied and dynamic, with some nations emerging as particularly friendly to crypto investors and traders. Countries with low taxation on cryptocurrencies reap the benefits of increased investment, innovation, and economic growth, creating a compelling argument for the adoption of similar policies worldwide. Contrasting these havens are countries with more…
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As the popularity of cryptocurrencies continues to grow, investors are on the lookout for the most accommodating environments to maximize their returns. A handful of countries stand out as sanctuaries for crypto enthusiasts, thanks to their regulatory clarity, tax-friendly policies, robust technological infrastructure, and supportive government initiatives. Top Crypto-Friendly Countries Governments around the world are…
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The Canada Revenue Agency (CRA) is cracking down on crypto, going after C$54m ($39.5m) in suspected unpaid taxes. It is also launching investigations into hundreds of crypto investors. The National Post reported Monday that Sahil Behal, a director general at the CRA’s compliance branch, revealed the agency is currently conducting around 400 audits on crypto-related activities.…
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The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have…
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The United States Internal Revenue Service (IRS) has recently released a draft of Form 1099-DA for reporting income derived from digital asset transactions. Titled “Digital Asset Proceeds from Broker Transactions,” the form is expected to be implemented in 2025 for reporting purposes in 2026. Under the new regulations, brokers, including kiosk operators, digital asset payment processors, hosted…
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Canada is set to become one of the first nations to adopt the International Crypto-Asset Reporting Framework (CARF) for taxation by 2026, as outlined in a supplement to the country’s 2024 annual budget, as reported by the National Post on April 16. Crypto Tax Reporting In Canada The Organisation for Economic Co-operation and Development (OECD)…
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