The resolution recommended authorities in the parliament’s 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions. Members of the Parliament of the European Union voted in favor of a non-binding resolution aimed at using blockchain to fight tax evasion and coordinate tax policy on cryptocurrencies. In an…
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IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax…
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The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching…
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Changpeng Zhao, the CEO of Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance. The infamous collapse of the Terra ecosystem, which erased market prices of TerraUSD (UST) and LUNA tokens, continues to trouble anxious investors as co-founder Do…
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The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021.
Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea
The amount…
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India’s ministry of finance is reportedly working on how the goods and services tax (GST) could apply to crypto transactions. “A better understanding of how cryptocurrencies fit into our legal system is the prerequisite for the decision on the GST rate,” a source told local media. India’s Goods and Services Tax Could Soon Apply to…
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The Colorado Department of Revenue offers tax payment through the PayPal Cryptocurrency Hub for personal taxes; businesses are not eligible yet. The American state of Colorado now accepts cryptocurrency for tax payments, Gov. Jared Polis announced on Monday. The option is already available on the state Department of Revenue website. Colorado tax payments are…
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Dario Nieto, a lawmaker in the city of Buenos Aires, has introduced a bill that would use blockchain systems to make social aid payments in order to bring clarity to these activities. Nieto has complained about the different intermediaries that use these social campaigns to make money and how introducing blockchain might eliminate these activities.
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Crypto analytics firm Coincub has released crypto tax rankings, pointing out the worst and the best countries regarding crypto taxation. Global cryptocurrency taxation rules significantly vary among countries, and some jurisdictions have come up with extremely tough crypto tax policies for their residents. In a new study by crypto analytics firm Coincub, Belgium is referred…
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The public has been provided with 25 days to share their opinion on the proposed legislation. Australia’s ministerial department of Treasury reached out to the public to seek consultation regarding draft legislation that would exclude cryptocurrencies from being taxed as a foreign currency if passed. In a press release, Assistant Treasurer Stephen Jones highlighted the Australian…
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