Taxes Again…
A study from crypto analytics firm Coincub has lifted the lid on the worst countries in terms of taxation rates on crypto assets. Belgium tops the list with 33% tax on capital gains and 50% tax on crypto trade income, followed by Israel, the Philippines, Japan and Iceland.
As part of the ongoing adoption of cryptocurrency worldwide, the U.S has taken several actions.
The White House recently published a fact sheet for cryptocurrencies, following collaboration with a number of federal agencies.
Following its release, the Pentagon asked Inca Digital to provide resources to help prevent potential security threats.
Now, the ever-growing crypto community is pushing the Internal Revenue Service (IRS) to investigate anonymous taxpayers, with a summons being authorized by U.S. judge Paul Gardephe, requesting that M.Y. Safra Bank provides information about its taxpayers.
It is also reported that the United States is taking steps to ensure that the IRS can collect cryptocurrency tax in the near future.
The summons also requested that M.Y. Safra Bank provides information regarding individuals who may not have reported or paid taxes on their crypto assets. The IRS is also examining users of the crypto exchange, SFOX.
Even though crypto users are supposed to report profits on their crypto gains, there is still an issue with non-compliance regarding digital asset reporting overall.
U.S. Attorney Damian Williams warned that the U.S Government will use its power to determine the identity of all taxpayers, adding:
“Taxpayers are required to truthfully report their tax liabilities on their returns, and liabilities that arise from cryptocurrency transactions are not exempt.”
IRS Commissioner Charles Rettig also stated that the authorization of this John Doe summons supports their efforts to ensure that taxpayers dabbling in crypto “pay their fair share.”
Meanwhile, a study from crypto analytics firm Coincub shows the countries that charge the highest rates on crypto assets. Belgium heads the list with 33% tax on capital gains and 50% tax on crypto trade income, followed by Israel, the Philippines, Japan and Iceland.
And finally, on September 6th 2022, the Australian government asked the general public about their opinion on a new law that excludes crypto from being regarded as a foreign currency in the taxation process. The public was given 25 days to provide their opinion on the bill which, if approved, will be signed into law, meaning that cryptocurrencies will not be regarded as foreign currency in tax payments. The law will then be updated accordingly.
Sources: https://www.travelx.io/
analyst opinion
Eda Tutkun
As part of the ongoing adoption of cryptocurrency worldwide, the U.S has taken several actions.
The White House recently published a fact sheet for cryptocurrencies, following collaboration with a number of federal agencies.
Following its release, the Pentagon asked Inca Digital to provide resources to help prevent potential security threats.
Now, the ever-growing crypto community is pushing the Internal Revenue Service (IRS) to investigate anonymous taxpayers, with a summons being authorized by U.S. judge Paul Gardephe, requesting that M.Y. Safra Bank provides information about its taxpayers.
It is also reported that the United States is taking steps to ensure that the IRS can collect cryptocurrency tax in the near future.
The summons also requested that M.Y. Safra Bank provides information regarding individuals who may not have reported or paid taxes on their crypto assets. The IRS is also examining users of the crypto exchange, SFOX.
Even though crypto users are supposed to report profits on their crypto gains, there is still an issue with non-compliance regarding digital asset reporting overall.
U.S. Attorney Damian Williams warned that the U.S Government will use its power to determine the identity of all taxpayers, adding:
“Taxpayers are required to truthfully report their tax liabilities on their returns, and liabilities that arise from cryptocurrency transactions are not exempt.”
IRS Commissioner Charles Rettig also stated that the authorization of this John Doe summons supports their efforts to ensure that taxpayers dabbling in crypto “pay their fair share.”
Meanwhile, a study from crypto analytics firm Coincub shows the countries that charge the highest rates on crypto assets. Belgium heads the list with 33% tax on capital gains and 50% tax on crypto trade income, followed by Israel, the Philippines, Japan and Iceland.
And finally, on September 6th 2022, the Australian government asked the general public about their opinion on a new law that excludes crypto from being regarded as a foreign currency in the taxation process. The public was given 25 days to provide their opinion on the bill which, if approved, will be signed into law, meaning that cryptocurrencies will not be regarded as foreign currency in tax payments. The law will then be updated accordingly.
Sources: https://www.travelx.io/
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