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...
Read More »Does Harris Want To Tax Your Unrealized Bitcoin Gains? Here’s What’s Going On
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...
Read More »India Maintains High Crypto Tax Rate Despite Industry Pressure
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...
Read More »KuCoin Introduces 7.5% Tax on Fees for Nigerian Users
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...
Read More »U.S. Congressman Pitches Bill To Allow Federal Tax Payment In Bitcoin
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...
Read More »South Korea With a Clever Way to Collect Crypto Taxes: And It’s Paying Off
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...
Read More »South Korea Reportedly Pushes for 2-Year Postponement on Crypto Taxation
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...
Read More »CoinDCX’s Year-End Report Unveils Maturing Investor Base in India
Despite India’s controversial crypto policy and lack of clarity in several aspects, the country emerges as the top market. According to a new report by crypto exchange CoinDCX, 28 Indian entities became ‘FIU-Registered Reporting Entity.’ India emerged as a global crypto adoption leader, reflecting sustained interest and robust demand for digital assets. India Defies Crypto Skepticism CoinDCX’s year-end report for 2023 shared with CryptoPotato revealed that 60% of the user...
Read More »IRS Intensifies Efforts to Combat Crypto-related Tax Evasion
According to a report from the Internal Revenue Service (IRS) criminal investigations division, tax evasion has emerged as a significant area of focus in crypto investigations. More than half of all probes conducted in the last fiscal year were related to tax matters. This news coincides with the IRS actively seeking input from stakeholders on its upcoming framework centered around cryptocurrencies. Crypto Tax Crimes Surged The report indicates that three years ago, more than...
Read More »Swiss City Lugano Now Accepts Bitcoin and Tether for Municipal Taxes
On December 5, 2023, Lugano, a Swiss City, announced the incorporation of the cryptocurrencies Bitcoin (BTC) and Tether (USDT) for tax and other municipal fee payments. This makes part of Lugano’s collaborative plans with Tether, Plan B, fashioned to revitalize the City’s financial system using Bitcoin tech. Lugano Dives into the World of Crypto Before the latest developments, Lugano only allowed crypto payments to be made directly on the City’s official online portal....
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