Tag Archives: Taxation

Richard Schueler, widely known as Richard Heart, the founder of Hex cryptocurrency, has been placed on Interpol’s global wanted list through a Red Notice. Issued at the request of Finnish authorities, it follows allegations of tax fraud and assault in the country. Tax Fraud and Assault Charges The Red Notice is a formal request to law enforcement agencies worldwide to locate and provisionally arrest an individual pending extradition, surrender, or similar legal actions....

Kim Nam-guk, a former South Korean lawmaker from the Democratic Party, is under legal scrutiny for allegedly concealing substantial cryptocurrency holdings in his 2021 and 2022 asset declarations. He is accused of omitting millions in crypto profits and transferring assets to bank accounts. Hidden Crypto Profits A local news outlet, Donga, prosecutors have requested a six-month prison sentence for Kim, claiming he concealed 9.9 billion won, worth approximately $6.8 million,...

India’s Goods and Services Tax (GST) authorities have reported a $99.1 million tax evasion case involving 17 cryptocurrency exchanges operating in the country. Nest Services Ltd., a company linked to Binance Group, stands out as one of the most significant offenders. The firm is accused of evading $86.8 million in GST. India Recovers $14.7M in Crypto Tax Crackdown According to an Economic Times report, Minister of State for Finance Pankaj Chaudhary revealed in a written...

Democratic Presidential nominee Kamala Harris is all but confirmed to support a tax on unrealized capital gains after her economic advisor Bharat Ramamurti defended the policy during a Wednesday interview. “I think that this reaction to unrealized gains is a little funny given that I bet that the majority of people are already paying a tax on unrealized gains. It’s called a property tax,” said Ramamurti. Why Harris Will Support An Unrealized Capital Gains Tax In a...

Rumors are swirling online that Kamala Harris wants to introduce an unrealized capital gains tax if elected President – a move that could theoretically tear up the profits of crypto investors. But some key details are missing from the public conversation – namely that the tax wouldn’t apply to the vast majority of investors. Kamala Harris’s Tax Plans As reported by Semafor on Monday, the Committee for a Responsible Federal Budget (CRFB) said that the Kamala Harris campaign...

India has decided to uphold its existing crypto tax regulations for the 2024/25 fiscal year despite ongoing appeals from industry leaders for a reduction in the current rates. Finance Minister Nirmala Sitharaman confirmed this decision during her budget presentation on Tuesday for the 2024/25 fiscal year. India’s Latest Budget Keeps 1% Crypto TDS India’s latest budget presentation comes five months after the interim budget maintained the 1% tax deducted at source (TDS) rate...

The leading cryptocurrency exchange, KuCoin, has implemented a 7.5% transaction fee tax on all trades executed on the platform for its Nigerian users. According to an official announcement, KuCoin will start collecting a value-added tax (VAT) of 7.5% on transaction fees from July 8 to align with recent regulatory developments. This update affects all users with their Know Your Customer information registered in Nigeria. KuCoin to Tax Nigerian Users To avoid misunderstandings...

A popular Republican congressman introduced legislation that would require the United States Treasury to accept tax payments in bitcoin. Pay Taxes With Bitcoin The bill, authored by Rep. Matt Gaetz (R-Florida), would order the Treasury Secretary to “develop and implement a method to allow for the payment with bitcoin of any tax imposed on an individual.” The legislation marks the first official national-level efforts from a U.S. politician to bring bitcoin closer to being a...

In 2023, Gyeonggi Province, the most populous province in South Korea, collected millions of dollars from tax evaders by tracking their crypto assets on several centralized exchanges. According to a report by local media Yonhap News Agency, the Gyeonggi Tax Justice Department accrued 6.2 billion won ($4.67 million) in undeclared taxes from evaders by using a special electronic management system that tracked the delinquents’ virtual assets. Gyeonggi Collects $4.6M in...

South Korea’s ruling People Power Party is reportedly advocating for a further two-year taxation postponement on cryptocurrency investment gains, which appears to be part of the party’s campaign for the general election coming in April. Notably, the program was scheduled earlier for 2023 and rescheduled to January 2025, and the current People Power Party request is looking to push it to 2027. People Power Party Wants Extension on Tax Policy According to a report by Herald...