Tag Archives: Taxation

Russian cryptocurrency investors have started complying with authorities to provide information about their crypto dealings and pay the stipulated taxes.  According to a report by local news outlet Izvestia, several accounting and legal firms, including FTL and PwC, noted that they had recorded a surge in compliance with the tax legislation.  Cryptocurrencies Are Properties  The development comes on the heels of Russia’s State Duma approving a bill to legally recognize...

On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report.Nothing is Hidden Under The ChainLast month, the Korean government finalized its decision to levy taxes on bitcoin capital gains. The ruling was in line with the growing acceptance of the digital asset and its similarity with other taxable financial instruments. The...

Peter Schiff may hate Bitcoin for having no value and being the money of criminals. Still, his bank Euro Pacific Capital is not without its sins either. A joint investigation by the tax authorities of Australia, the Netherlands, Canada, the United Kingdom, and the United States has Peter Schiff’s bank targeted for allegedly facilitating tax evasion and offering its services to known multinational top criminals. Screenshot of Euro Pacific Capital’s main site, with a picture of...

Zug, a canton in Switzerland, will be the first canton to start accepting cryptocurrency for tax payment purposes starting from February 2021.Zug Canton Partners with Bitcoin Suisse for Crypto Tax PaymentAccording to an announcement by the canton on Zug on Thursday (September 3, 2020), taxpayers in the canton will have the option of paying taxes in Bitcoin (BTC) and Ethereum (ETH). The crypto tax payment option which is open to both individuals and companies will see taxpayers pay taxes to...

Venezuela’s Bolivarian Council of Mayors has signed a new tax agreement in 305 municipalities across the country. Called National Tax Harmonization Agreement, it will allow the nation to raise taxes and sanctions using the nation’s cryptocurrency – the Petro.Cryptocurrency Tax Collection In VenezuelaAccording to the recent local report, the mayor of the Libertador Bolivarian Municipality signed the document after a presidential pass on behalf of the Bolivarian Council of Mayors. Venezuelan...

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said.Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045Erika Nijenhuis, senior counsel at the US Treasury’s Office of the International Tax Counsel, said in a webinar that the government was still preparing rules on...

A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law.South Korea To Impose Tax On Crypto?The Asian country has been rather indecisive regarding whether or not to tax cryptocurrency profits. At the start of the new decade, the Ministry of Economy and Finance said that the existing...

The man, known as Bitcoin Jesus, has urged people to start using cryptocurrencies instead of what he calls “police money,” if they want to show their opposition to a corrupt justice system.Founder and Executive Chairman of Bitcoin.com, Roger Ver, said in a YouTube video posted on June 3 that the best way to prevent police injustice is to stop participating in the financial system which supports it. Ver said:“I think the best way anybody can help prevent this sort of injustice continuing in...

The majority of participants in a recent poll support some forms of cryptocurrency taxation. Contrary, 20% are against, outlining that current laws are not functioning accordingly to cope with the rising role of digital assets in the modern online world.66% Support Crypto TaxationThe topic of taxation in the cryptocurrency scene has been openly discussed for years without a definitive and precise solution. The divided evaluations are spread among countries but also digital asset investors.A...

The dreadful situation in Spain caused by the COVID-19 outbreak is not delaying local authorities to send notices to taxpayers. Those include traders and investors in cryptocurrencies, who have quadrupled in the past year to 66,000.Spain To Tax 66k Crypto InvestorsThe Spanish Tax Agency (Agencia Estatal de Administracion Tributaria or AEAT) began sending the notices on April 1st and will continue until June 30th, according to a local report.AEAT has been increasing the number of notices for a...