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Tag Archives: Taxation

Low TDS Collection on Crypto May Spur Indian Government to Reduce Transaction Tax

A junior finance minister told the Indian parliament on Tuesday that the government has collected about $7.4 million in TDS on crypto transfers since July 1.  Given the low numbers, the government may consider the local crypto industry’s demand to reduce the tax to a reasonable level – in the range of 0.01% to 0.05%. Low TDS Collection In a written reply in the upper house of the Indian Parliament, Minister of State for Finance Pankaj Chaudhary informed that the Indian...

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Japan to Enforce Less Stringent Crypto Tax Rules

The Japanese government greenlighted a bill to exempt local cryptocurrency issuers from paying corporate tax on their holdings. The ruling body currently requires such firms to pay 30% on their ownings even if they haven’t gained profits through a sale. Japan’s ruling political party – The Liberal Democratic Party – aims to ease corporate tax legislation for domestic crypto issuers and thus stimulate such entities to operate in their homeland. Akihisa Shiozaki – an LDP...

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Indian Crypto Association Seeks Relief from High Taxes

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance ministry officials, particularly with officials of the Central Board of Direct Taxes (CBDT), is expected to take place...

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Italy to Start Taxing Crypto Trading Gains From 2023 (Report)

The government of Italy is reportedly looking to enforce strict rules on the local crypto space by imposing a 26% tax on profits generated from digital asset trading.  However, residents who earn less than €2,000 ($2,090) per year from dealing with bitcoin or altcoins will be excluded from the possible upcoming legislation. Italy’s Next Crypto Step A recent coverage by Bloomberg informed that the Italian authorities are working on a crypto bill that could be implemented as of...

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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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