The Japanese government has announced that it shall be evaluating the crypto tax rules which are applicable for corporations in the fiscal year of 2023. The Financial Services Agency and the Ministry of Economy, Trade and Industry (METI) will be carrying out the assessment of how these digital asset corporations will...
Kazakhstan has imposed new tax rules on crypto miners, this new taxation system shall be differentiating the tax rates on crypto mining. It also includes crypto miners that use renewable energy resources. President of Kazakhstan...
After losing millions to Terra's crash, Indian investors who have recovered part of their losses through the LUNA 2.0 airdrop may have to pay taxes equivalent to 30% of the value due to India's...
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...
Not so long ago, Portugal was being applauded as being one of the world’s top destinations for cryptocurrencies. The European country which allowed crypto investors, traders and enthusiasts alike t...
According to Katja Hessel, German Parliamentary State Secretary, crypto traders can get tax exemption benefits on the sale of digital currencies. Furthermore, if they have held onto their assets for one year or more, they will not have to pay taxes on the money they make from the crypto sales. The Federal Finance Ministry of Germany issued 24 pages of...
Authorities in India are looking to introduce an additional 28% Goods and Services Tax on cryptocurrencies, CNBC reported. India’s new 28% tax for crypto...
On Monday, Mayor Horacio Rodríguez Larreta of Buenos Aires, the capital of Argentina, announced that the city is on the verge of recognizing crypto as a medium that could be used for various financial transactions, including tax payments, according to local media reports. This surprising move is part of the...
The month of April is rapidly approaching and that brings ominous clouds for many who have to pay their crypto taxes. Here are five ways to minimize that tax burden. Tax season is upon us once again, and the United States Treasury is eyeing revenue from crypto gains more than ever. Cryptocurrency holders and investors in the U.S. need to...
Two crypto tax experts, Shehan Chandrasekera, certified public accountant and head of strategy, Tax, at Cointracker, and John Cardone, senior director of Washington National Tax at RSM US LLP, explain everything crypto traders need to understand when filing taxes for 2021. Show topics: the five types of transactions that constitute...
Crypto tax is trending across the globe as more and more country are revealing their crypto taxation policy. The latest addition to list is...
In 2019 Joshua Jarrett earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income, and in line with IRS’ limited guidance on how block rewards should be taxed. However, Jarrett also asked for a refund, arguing that the rewards should be treated as newly created property and therefore shouldn’t be taxed until he sells them. The IRS denied that...
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...
The Indian government has specified its taxation rule for cryptocurrencies. It will impose 30 percent taxation on the transfer of virtual assets from the financial year 2022-2023, Finance Minster N...
'Highest in, first out' aka HIFO is a tax accounting method that can be a very good thing to know as an investor dabbling In crypto this past year. As we approach tax season and related questions continue to rise to the top, let's take a look at a tax methodology that we are seeing mentioned more and more. 'Peep The Tax Methodology'...
The global adoption of cryptocurrencies continues to rise, as digital assets have proven that they are here to stay. The rise of its fortunes and popularity continues to be a good thing. There seem to be some issues surrounding the growth of the space. One of such issues is Crypto Tax and Regulation. The financial regulators of many nations are still struggling to...
Despite the holiday week, NFTs still found plenty of headlines this week, as we close out November. Musician's engagement was a particular focus this week, as a number of different artists announced or released projects this past week. Meanwhile, at a 30,000 foot view, countries across the globe continue to have their own respective battles about taxation of NFTs. We're looking at some...
A bipartisan team of US senators is introducing a bill to clarify what entities should report cryptocurrency transactions to the IRS.A bipartisan team of U.S. senators is introducing a bill to restrict tax reporting rules present in the infrastructure bill, which is set to become law today.The infrastructure bill’s text extends cash-focused section 6050I to contemplate cryptocurrency...
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