Tag: crypto taxation

Dec 02 2022

1% TDS on Crypto in India. Here’s Everything You Need to Know

TDS on Crypto: The one percent tax deducted at source (TDS) rule for cryptocurrency transactions, which went into effect on July 1, 2022, has resulted in a dramatic decline in trading volume on Indian exchanges. Short- term traders, day traders, and anyone looking to invest in cryptocurrencies for a short period of time have been most The post 1% TDS on Crypto in India....

Dec 01 2022

Italy to impose 26% crypto gains tax from 2023

Italy is planning to tighten regulation around cryptocurrencies by taxing capital gains beginning in 2023. According to the European country’s proposed budget for next year, all digital currency profits above £2,000 will be subject to a 26% tax levy. The provisions also declared that Italian investors who declare their digital asset holding by 2023 will enjoy a lower tax rate....

Italy Plans to Introduce 26% Tax on Crypto Gains, More Details

Dec 01 2022 Published at Coingape under tags  crypto taxation italy news regulation news

After Portugal, another European country is set to toughen crypto regulations and further expand taxation on crypto trading. A provision in Italy's 2023 budget plan seeks to levy a staggering 26% tax on capital gains...

Oct 04 2022

Just-In: European Parliament Votes For Crypto Tax System

The European Parliament has voted in favour of a more coordinated and fair taxation system for cryptocurrencies, and to utilize blockchain technology in facilitating a more robust approach towards mitigating instances of tax evasion. Over 80% Members of the European Parliament vote in favor of resolution The resolution which was... Read more

May 25 2022

Thailand Readies Itself For Digital Economy, Removes Crypto Transfers From VAT Till End Of 2023

the Royal Thailand Government Gazette has legally established a VAT exemption for crypto transfers lasting until the end of 2023. In March, the cabinet granted an exemption from the value added tax (VAT) for exchanging cryptocurrency or digital tokens. The decision was enacted into Thai law yesterday and will be in force until December 31, 2023. Thailand Royal Decree Gives Tax Break For...

Feb 21 2022

Canada May Adopt Current Financial Monitoring Rules Forever

With the recent changes in financial surveillance laws, Canada could make its crypto taxation system permanent. This would affect many cryptocurrency platforms and session owners who are seeking more control over their wealth by owning bitcoin instead of other currencies like USD or EURO. Related Readings| Canada Emergencies Act...

Feb 03 2022

IRS Will Not Tax Unsold Staked Crypto As Income

For individuals hoping to earn new tokens by providing security to large blockchains that use proof-of-stake, there may be good news ahead. IRS will not tax your unstaked crypto. A Nashville couple argued in May that tokens obtained through proof-of-stake protocols are taxpayer-created property that should not be taxed until they are sold or exchanged. The choice to refund may help to clarify...

Dec 03 2021

South Korea Postpones Crypto Tax, Looking For Votes?

South Korean National Assembly Strategy and Finance Committee approved an amendment to delay to 2023 the taxation that imposes an annual 20% capital gains tax for crypto trading with over 2.5 million Won (US$2,125) in earnings, just after the same taxation had been rushed to happen in 2022 as the lawmakers said postponing it would lead to "loss of public trust". Some...

Nov 30 2021

Sep 16 2021

South Korean Lawmaker Says Deferring Crypto Taxation is Inevitable, Here is Why

The moves by the South Korea Ministry of Strategy and Finance to tax incomes bordering on digital currencies as planned by January 1 may be an exercise in futility. Faulting the plans, one of the country’s lawmakers, Rep. Noh Woong- rae of the Democratic Party of Korea said the relevant authorities or stakeholders lack the right The post South Korean Lawmaker Says Deferring Crypto...

Aug 12 2021

Bitwave Looks to Streamline Crypto Accounting as it Raises $7.25M From Investors

American crypto tax and accounting software provider, Bitwave, revealed it has raised $7.25 million in a recent funding round led by Blockchain Capital with participation from Arca, Nascent and Nima Capital. The funding will enable Bitwave to improve its software infrastructure while growing its client base. The company also mentioned that the funding will be The post Bitwave Looks to Streamline Crypto Accounting...

Aug 07 2021

Jul 02 2021

Big Setback For Foreign Crypto Exchanges In India as Gov Plans 18% Additional Taxation

Foreign crypto exchanges offering their service to Indian customers might have to pay additional tax, as per a report in The Economic Times. The Indian Tax authority is exploring the tax bracket that many foreign cryptocurrency exchanges may fall into depending on their service offerings in the country. At present foreign exchanges don't pay any The post Big Setback For Foreign Crypto Exchanges...

May 18 2021

DeFi Tax: Your Tax Obligations as a DeFi Trader

As cryptocurrency continues the battle for mass adoption, with growing fundamental usage milestones and real-world applications maturing, there is one indicator that could significantly hasten crypto’s true arrival in the mainstream. This is just how many national revenue services and taxmen are shifting their sights onto crypto assets and on those benefiting from their trade. The good news is that more...

Oct 29 2020

US IRS Publishes Its 2020 Tax Guidance Draft

Taxation in the crypto space is one of the most debated issues among regulators worldwide. The United States Internal Revenue Service (IRS), in its 2020 tax guidance draft, discussed details of proposed cryptocurrency taxation. Prior to this, the U.S. IRS distributed its main taxation form 1040 to over 150 million people. They were expected to indicate if they have sold, exchanged, received, or...

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