capital gains tax – Ƀitsell X

Australian Tax Office Seeks Personal, Transaction Details from 1.2 Million Cryptocurrency Users

May 8, 2024

The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian…
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Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert

April 3, 2024

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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UK Treasury seeks input on taxing DeFi staking and lending

April 28, 2023

The proposed regulatory changes seek to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. The tax treatment of lending and borrowing on decentralized finance (DeFi) protocols could soon be changed in the United Kingdom, as the taxation arm of the Treasury is seeking input on a possible new regime. An…
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Alleged Kenyan Bill Proposes Widening Definition of Securities to Include Crypto Assets

April 4, 2023

A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain…
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Death and self-custody: How to pass on your crypto when you die

January 11, 2023

Crypto lawyers suggest including highly detailed instructions in one’s will and appointing a crypto-savvy next-of-kin, among other suggestions. The average crypto investor probably isn’t planning on dying of old age anytime soon, but that doesn’t mean they shouldn’t have a plan in place to pass on their crypto in the event they meet an unlikely…
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Crypto capital gains one of four key areas for Australian Tax Office

May 16, 2022

“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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Member of St. Maarten’s Parliament Plans to Have His Entire Salary Paid in Bitcoin Cash

March 19, 2022

On Saturday, the leader of the United People’s Party and member of St. Maarten’s Parliament, Rolando Brison, announced that he’s become the first elected official to request his entire salary paid in bitcoin cash. Brison believes St. Maarten can be the “Crypto Capital of the Caribbean,” as long as his country continues to embrace blockchain…
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Austria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment

November 12, 2021

As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase trust and access to cryptocurrencies. Austria to Apply Capital Gains Tax to Bitcoin, Make Crypto…
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South African Tax Body Updates Crypto Tax Guidance, Confusion Persists

September 2, 2021

In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax…
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