“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh. The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased…
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The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year even if the coins are used for staking and lending. How Crypto Gains Are Taxed in Germany The German Ministry of Finance announced Wednesday that it has published a letter on the income…
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Many Indians have signed a petition for the government to introduce reasonable crypto tax policies. This week, India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30%. Indians Sign Petition Urging Government to Rethink Crypto Tax Proposal A petition has been initiated on Change.org for the government of India to “introduce reasonable crypto tax…
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The Indian government said that it does not treat cryptocurrencies as illegal, clarifying that its transactions remain in a grey area. WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week. WRX’s price jumps on India tax news WRX’s price surged nearly 30% to over $1, hitting a three-week high…
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Changes meant to postpone the introduction of a tax on virtual assets such as cryptocurrencies in South Korea have been approved by an important parliamentary committee. The draft legislation seeks to delay Seoul’s plan to impose a 20-percent levy on gains from crypto transactions. Ahead of Election, Major Parties Support Tax Break for Crypto Investors…
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The long debate in the country’s legislature could soon be over meaning cryptocurrency gains made in South Korea may not be considered taxable events until 2023 at the earliest. In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year. …
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Britain’s crypto exchanges will be levied with a 2% tax which is likely to be passed on to investors warned CryptoUK. A recent update to Her Majesty’s Revenue and Customs (HMRC) regulations has introduced a digital services tax that will be levied on cryptocurrency exchanges operating in the United Kingdom. Crypto exchanges in the UK…
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“Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner. The Australian Tax Office (ATO) said it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors…
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Government officials waffling about the crypto tax that’s set to come into effect in 2022 has created a maelstrom of conflicting reports that even officials can’t seem to keep track of. South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set…
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Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders. Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law. According to The Korea Herald, opposition lawmakers are advocating for…
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