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Taxes News
It is hard to define cryptocurrency taxes, because there is a lot of controversy surrounding it today. Society still has no consensus even on whether digital currencies are a property or a currency, and that triggers a huge difference in taxation procedure. The speed of exchange rate flows makes it impossible to establish a taxation time period equally suitable for everyone. Also, there are a lot of cryptocurrencies that were particularly designed to protect user’s anonymity and their protocols wouldn’t allow any government to tax it.
As cryptocurrency market is growing, and its sheer dollar value makes it more likely to catch an attention of regulators. Cryptocurrencies are also a great way of money laundering, so no government will be able to ignore the subject. Today there are a lot of news about new cryptocurrency taxes laws and it looks like there will be more over time.
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The International Monetary Fund also recommended Pakistan introduce stricter laws on collecting capital gains from real estate title transfers.
7060The first country to adopt Bitcoin as legal tender has made another radical change to its tax code.
9524The tax measures aim to promote fundraising using investment tokens and establish the country as an investment hub.
2917The Commodity Futures Trading Regulatory Agency of Indonesia has urged a reevaluation of the country’s 0.1% capital gains tax and 0.11% VAT on crypto transactions.
8410The IRS will use the funding from the Inflation Reduction Act (IRA), a federal law aimed at curbing inflation, to build compliance in emerging areas, which includes digital assets as a top priority.
15486The Gyeonggi tax department used the resident registration data of “delinquents,” tracing their mobile phone numbers to detect their accounts on crypto exchanges.
2669India banned crypto exchanges that didn’t comply with FIU guidelines, but market experts point to a lack of regulatory clarity and high taxation, forcing crypto traders to rush to foreign exchanges.
2049The ruling party argued it would take two years to establish a system that oversees crypto transactions, similar to the stock exchange.
4130The current draft of Senate Bill No. 339 is a substitute amendment to the bill’s initial version introduced in January.
2426Spain’s Ministry of Finance has announced tax reforms that will give financial organizations the power to collect taxes on behalf of the government.
9191Florida leads as the top state for crypto taxes, leveraging no state income tax and crypto-friendly policies, while New York ranks lowest with a 10.9% income tax and the BitLicense.
8833The U.S. Internal Revenue Service didn’t state when it intends to issue new regulations detailing how U.S. businesses must report cryptocurrency transactions.
32450Taxation-wise, the U.S. may be unprepared for the investor rush in the wake of a spot Bitcoin ETF. There is a new tax law but no guidelines.
2511According to Coin Center executive director Jerry Brito, it’s “unclear how one can comply” with the crypto tax reporting guidelines in 2024.
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