Sweden’s tax agency identified irregularities in 18 locally operating companies, finding that they hid their involvement in crypto mining, it said Wednesday. The investigation, which spanned from 2020 to 2023 and focused on data center operations, revealed that they deliberately exploited tax incentives for which they were ineligible. Patrik Lillqvist, head of the agency’s intelligence…
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Japan’s ruling party, the Liberal Democratic Party, wants the government to carry out “immediate” crypto tax reforms. Per an official Liberal Democratic Party release and a report from the Japanese-language media outlet CoinPost, the party’s web3 project team unveiled a “White Paper” on April 12. In February, the government unveiled plans to allow venture capital…
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A law firm specializing in crypto taxation recently filed a trade secrets lawsuit in an Illinois US District Court. It names a competitor and a former employee as defendants, alleging misappropriation of confidential materials through YouTube videos. These include templates, client forms, and other proprietary information. In the lawsuit, Gordon Law Group sued ex-employee Justin…
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Jim Lee, a 29-year veteran of the United States government with a significant tenure as the chief of the Internal Revenue Service’s (IRS) Criminal Investigations team, has transitioned to a new role at cryptocurrency analytics firm Chainalysis. In an announcement on April 8, Chainalysis revealed that Lee has joined the company as its global head…
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A Nigerian court has postponed the tax evasion case of the detained Binance executive to April 19, while the hearing for the cryptocurrency exchange itself is scheduled for April 8. The court also ordered that the executive Tigran Gambaryan be held in the custody of the Economic and Financial Crimes Commission. Tigran Gambaryan Accused of…
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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 discretion to apply laws retroactively or retrospectively interpret them. Complex Filing Process Clinton Donnelly, CEO of Crypto…
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U.S. President Joe Biden released his 2025 budget proposal on Monday featuring a number of provisions aimed at altering the cryptocurrency industry, including a wash sale rule for digital assets and an excise tax for crypto mining operations. Biden’s Crypto Mining Tax and Crackdown on Wash Sales If approved, Biden’s $7.3 trillion budget proposal would…
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South Korea plans to launch a tracking system that aims to ensure virtual asset users aren’t avoiding taxes. The National Tax Service has chosen a consulting firm to develop a sophisticated system for overseeing these assets, local outlet Digital Daily reported Monday. It will be capable of analyzing and managing transaction data related to digital…
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Indonesian crypto regulator has requested the country’s Finance Ministry to reconsider the current ‘dual taxation’ on crypto transactions. Cryptocurrencies are commodities in Indonesia and currently imposes 0.11% value-added tax and 0.1% income tax. Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) officials argued last week that the double-taxation on crypto transactions require reassessment. According to Tirta…
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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 businesses. Crypto Industry Generates More Revenue than Fintech Companies Indonesia’s Commodity Futures Trading Supervisory Agency…
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