Tag Archives: Taxation

Though Bitcoin touched the 30,000 level after days of violent dumps befalling the crypto market, a large portion of investors have since then remained underwater. The recent market selloff led by Terra and its two native cryptocurrencies plummeting in value has at one point wiped out the crypto market’s total gains attained from 2021. But for spooked investors in Britain experiencing losses, they can now offset them against future gains in tax filings, according to HM Revenue...

The Indian government’s strict stance on the crypto sector seems to be gathering more steam. In the latest development, the Goods and Service Tax (GST) Council reportedly plans to impose the highest 28% GST slab for crypto activities. Digital Assets at Par With Gambling Quoting unnamed sources, media reports suggested that the thinking in the GST Council is that crypto activities should be treated at par with casinos, lottery, gambling, and horse racing. All these endeavors...

South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes”  through the use of digital assets.  As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to track down individuals who use “new financial products” such as cryptocurrencies to dodge taxes, primarily through offshore schemes. Dae-Ji held the...

Cryptocurrency adoption comes in different forms these days, but it seems that countries and cities are becoming more open to the idea of allowing certain payments to be made using such assets. Brazil’s second-largest city said it wants to become the first within the nation’s borders to accept BTC payments for taxes. The report from Bloomberg Linea outlined the announcement from the city of Rio De Janeiro indicating that residents will be able to pay IPTU (Imposto Sobre a...

Jared Polis – Governor of Colorado – recently announced plans to accept cryptocurrency for tax payments in his state. Taking a similar approach to Miami Mayor Francis Suarez, Colorado may even launch their own dedicated crypto token. Crypto Taxes In Colorado The governor revealed some of his crypto-adoption plans in an interview with CNBC on Tuesday. With a new piece of legislation called the Digital Token Act, his state will exempt crypto transactions from state securities...

The Asian country has dabbled with what sorts of tax it should put on cryptocurrency mining, trading, and transacting for months. However, the Financial Times reported that the authorities had ultimately decided to abandon the idea to tax transactions. Citing Thailand’s new revenue department rules, the FT said the authorities no longer want to implement a 15% withholding tax on digital asset transactions. This comes less than a month after the country presented its latest...

Tipsuda Thavaramara – former Deputy Secretary-General of Thailand’s Securities and Exchange Commission (SEC) – disagreed with the government’s intentions to impose a 15% capital gains tax on cryptocurrency profits. She believes such legislation is unpractical, unfair, and not beneficial for the trade sector. The Bill Lacks Clarity Earlier this month, the Thai authorities presented plans to slam local cryptocurrency investors and miners with a 15% capital gains tax. According...

The regulatory and surveillance environment is likely to become more stringent for crypto traders in Thailand. Crypto Profits to Attract 15% a Capital Gains Tax As per a report from the Bangkok Post, crypto profits will attract a 15% capital gains tax from the current year. The initiative will be applicable to digital asset investors and miners but will exclude exchanges. The capital gains tax is levied on the profits made by selling a non-inventory asset. The media report...

Sam Bankman-Fried – Chief Executive Officer of the cryptocurrency exchange FTX – believes billionaires like him should get taxed at a higher percentage rate. The crypto boss admitted he plans to donate “almost everything” that he earns in his lifetime to charity causes. Taxing The Rich Sounds Fair Earlier this year, the US government contemplated imposing a new tax rule. A move that sounds good on paper for some – cure the shuttered economy and bring fresh funds into the...

At the stage of the 2021 Global ETP Conference, Sohn Byung-doo stated that the digital asset industry is not very different from capital markets. The exec emphasized the need for investor protection and transaction stability support. The KRX Chief Wants To Study Crypto So far, Bitcoin and cryptocurrencies remain outside the domestic regulatory scope that covers the traditional financial sector. On that note, Byung-doo highlighted the growing number of crypto investors in...