Search Results for "tax"
Indonesia Officially Imposes 0.1% Tax and VAT on Crypto Income and Purchases
According to CNN Indonesia, Hestu Yoga Saksama, director of tax regulations at the Ministry of Finance, has confirmed that the government has decided to impose a 0.1% tax charge
South Korea will Impose a 20% Tax on Capital Gains from Cryptocurrencies Next Year
The South Korean administration is not relenting on its quest to levy a 20% income tax on capital gains from crypto transactions in 2022 despite growing investor concerns for the taxation plan to be delayed.
UK Considers New DeFi Tax Regime
The UK's taxation arm of the Treasury, HM Revenue and Customs, has launched a consultation seeking input from individuals and entities engaged in DeFi activities on a possible new tax regime. Under the proposed changes, crypto used in DeFi transactions would not be treated as a disposal for tax purposes, but a Capital Gains Tax would be triggered when cryptocurrencies are disposed of in a non-DeFi transaction.
California Court Orders Kraken Exchange to Reveal Identities of Users who Have Transacted in Crypto
IRS has secured authorization from a federal court to issue a John Doe warrant to Kraken to reveal the identity of users transacting in crypto.
South Korea May Have to Postpone Crypto Taxation, Lawmaker Declares
A push from one of the South Korean top lawmakers may stir the postponement of the crypto taxation billed to commence on January 1, local media reported.
South Korea Authorities Seize $47M in Crypto from Tax Evaders
South Korean authorities have made the largest crypto seizures in the country's history. $47 million in digital currencies have been confiscated.
UK’s Channel Islands Tax Haven Luring Investors into Crypto
UK’s Channel Islands of Guernsey and Jersey are trying to convince more crypto investing in the jurisdictions. Its regulations are regarded as tax havens to enable crypto investors to escape high taxes.
Brazil's Tax Authority Cracks Down on Unreported Bitcoin Holdings
The Brazilian Federal Revenue Service identifies over 25,000 individuals with undeclared bitcoins, leveraging advanced technologies to enforce tax compliance in the cryptocurrency sector, signaling increased scrutiny and regulatory measures for crypto investors.
U.S. Senators Urge Treasury and IRS for Swift Cryptocurrency Tax Rule Implementation
A group of U.S. Senators has expressed concern over a two-year delay in implementing tax reporting requirements for crypto brokers, urging the Treasury Department and IRS to expedite the process to close the crypto tax gap, provide clarity for taxpayers, and secure billions in lost tax revenue. The delay contradicts the directives of the Infrastructure Investment and Jobs Act and gives leeway to crypto lobbyists opposing the rule.
South Korea Postpones Proposed 20% Crypto Tax until 2025
South Korean lawmakers have once again postponed the implementation of the crypto tax law until 2025.
South Korean Stakeholders Opposes the Proposed "Know-the-Sender" Rule
Some stakeholders are pushing back against the proposed Know-the-Sender (KTS) rule that the South Korean parliament is looking to pass into law.
PwC Expert's Take: What Are the 3 Grey Areas to Crypto Taxation in Hong Kong?
The Inland Revenue Department (IRD) of Hong Kong took a step further to provide clarity in taxing digital assets. In the recent press release titled “LCQ20: Regulation of virtual asset investment activities”, James Lau, the Secretary for Financial Services and the Treasury answered the queries raised by the Hon Wu Chi-wai on taxation of virtual assets, tax evasion of virtual asset-related business and latest effort to regulate virtual assets by the Hong Kong Securities and Futures Commission (SFC).