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Tag Archives: Taxation

Binance Has No Big Plans for India Due to High Taxation, Says CZ

Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged with blockchain associations and influential persons in India to present the industry’s stance before the policymakers, a TechCrunch report said. CZ Red Flags 1% Transaction...

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IRS is Building Hundreds of Crypto Tax Evasion Cases

Hundreds of crypto-related cases are piling up at the Internal Revenue Service (IRS)’s Criminal Investigation division. According to division chief Jim Lee, many of these cases will be made public soon, of which are largely related to tax. Evading Taxes With Crypto As reported by Bloomberg Tax, some of his division’s most common cases are related to off-ramping (exchanging crypto for fiat currency) and non-reporting of crypto-based pay. “In the last three years I’ve really...

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IRS Goes After Crypto Broker for Transaction Data in Latest Tax Chase 

The US Internal Revenue Service is ramping up its efforts to collect taxes from crypto traders regardless of a 70% market slump. The tax department has obtained a court order authorizing summons for records of US taxpayers that failed to report transactions and pay taxes on crypto profits. Specifically, the IRS will issue what is known as a “John Doe summons” requiring MY Safra Bank to provide crypto transaction data for customers of the SFOX cryptocurrency broker that used...

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South Korea Seized $183 Million Worth of Crypto From Tax Evaders (Report)

South Korean law enforcement officers have reportedly confiscated around 260 billion won ($183 million) worth of cryptocurrencies from local individuals and businesses in two years as they were not abiding by local taxation laws. Not long ago, the authorities targeted the notorious leader of Terraform Labs – Do Kwon. He was accused of gifting tokens to family members as a way of tax avoidance. The Latest Crypto Seizure in South Korea According to a report by the domestic...

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Colorado Becomes the First US State Accepting Taxes in BTC and ETH: Report

The authorities of Colorado announced that state residents can now pay their taxes in cryptocurrencies instead of fiat. Among the supported digital assets are the two biggest by market capitalization – Bitcoin (BTC) and Ether (ETH). Still, Colorado’s Revenue Department is not allowed to accept direct crypto payments, which is why it partnered with PayPal, which will help with the transactions. Colorado’s Pioneering Move The State’s officials disclosed that Colorado residents...

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Traders Flock to Binance as New Taxes Send Indian Exchanges Out of Business: Report

A Bloomberg report on Wednesday claimed that Binance app downloads in India jumped to 429,000 in August, the highest this year. This comes just months after the country implemented stringent taxation on local exchanges. Binance’s India Gains Binance is the only one among the major exchanges whose app downloads had seen an increase in August over July, the month when 1% transaction tax in the form of TDS kicked in, a Bloomberg report said, quoting data from Sensor Tower, which...

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These Countries Have the Best Crypto Tax Legislation: Research

The digital asset exchange aggregator – Coincub – conducted a study to find out which countries offer the friendliest cryptocurrency tax policies to their citizens. Germany ranked as the world’s crypto tax heaven, while Italy and Switzerland were respectively second and third. Taking a look at the opposite corner, Belgium is the worst nation for cryptocurrency taxation, followed by Iceland and Israel. Interestingly, India (where the government applies a 30% taxation rate on...

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South Korean Finance Ministry Says Airdrops Are Subject to Gift Tax

The Ministry of Strategy and Finance of the South Korean government has said that virtual asset airdrops are subject to gift tax as per existing tax laws. Gift tax has to be paid when free virtual assets with economic value are paid out, media reports said. Gift Tax on Airdrops Recently, the South Korean finance ministry was asked by a tax law interpretation inquiry to provide its interpretation of whether an airdrop is subject to gift tax or not. In its response, the...

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Indian Crypto Industry Reps Call for Reduction in Certain Taxation Rules

The call for reducing Tax Deduction at Source (TDS) on crypto transactions is intensifying among the crypto ecosystem players in India. A TDS of 1% on virtual digital assets has been approved by the Union budget 2022-23. Terming this too high as it can drive traders away from the market and hurt volumes, industry representatives are demanding to bring it down in the range of 0.01% to 0.05%.  Unocoin, CoinDCX CEOs Call for TDS Reduction Sathvik Vishwanath, co-founder and CEO...

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Australia to Focus on Crypto Taxation This Year

The Australian Taxation Office (ATO) announced Monday that it will focus on digital assets this year as it expects to see more Aussies report capital gains or losses in their tax returns. Aussies Are Engaging With Crypto The tax regulator treats crypto assets as digital property, hence Aussies who sell their digital assets, including non-fungible tokens (NFTs), are expected to calculate and record their capital gains or losses in their tax returns. For clarity, capital gain...

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