Tax

Government Confirms Crypto Profits Not Taxable in South Korea

South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency. Also read: Regulatory Roundup...
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South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb

The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to...
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South Korea Confirms No Income Tax on Crypto Profits

According to the South Korean Ministry of Finance’s new announcement, the country’s current tax laws do not include the taxation of profits made through trading crypto. The Ministry of Finance and Strategy in South Korea recently resolved the confusion regarding the taxation of profits made through crypto trading. According to the Ministry’s announcement, the current...
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Why Canada’s Crypto Industry is Threatened by Tax Rules?

Canadian tax authorities’ approach to crypto-assets might discourage the country’s citizens from using digital assets, as things like double taxation remain an issue. While the US still struggles to bring regulatory clarity to the world of cryptocurrencies, its neighbor, Canada, currently faces taxation issues. The country was quick to introduce crypto taxes as early as...
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Lawmakers Want Answers From IRS, Citing Major Issues With Crypto Tax Guidance

Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins. Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines...
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Poles Hit With Backdated Tax on Crypto Trades

Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on European...
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Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....
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Tax Authorities Are Making Bitcoin Unspendable

Bitcoin’s lack of widespread acceptance by merchants and use by shoppers isn’t just because of the perceived technological barriers and a lacking ecosystem. Tax complications also plague would-be BTC spending. Three popular narratives have developed to explain why Bitcoin isn’t being used more widely to buy and sell goods and services. One is the relatively...
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IRS Delivers Tax Refunds to Crypto Holders With Accurate Reports

The U.S. Internal Revenue Service (IRS) has issued tax refunds to crypto holders who filed and submitted accurate reports. This move by the revenue collector could signal that the agency is not looking to punish digital assets holders. According to reports, the Internal Revenue Service of the United States, which also happens to be the...
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IRS Refunds Tax-Paying Crypto Users

The Internal Revenue Service (IRS) has sent refunds to crypto users who had correctly reported their taxes with proof of trades and transactions. The matter of cryptocurrency-related taxes has been a major question within the US for a few years now. While the country continues to operate without any crypto regulations — or a hint...
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Tax Form to Report Revenues From Cryptocurrency Trading Issued in Poland

Authorities in Poland have clarified the taxation of revenues received from cryptocurrency exchange transactions. The Ministry of Finance has recently published a 2019 tax form that has a dedicated section where taxpayers are expected to declare separately proceeds from crypto trading. Also read: Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates Polish...
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Could Trudeau’s Victory in Canada Propel Crypto Adoption, New Zealand Style?

Justin Trudeau has narrowly won the 2019 Canadian election, edging out his conservative opponent to form what is likely to be a minority government. If the legacy of Trudeau’s first term – apart from ending the decade-long brutishly pro-business policies of the Stephen Harper government – is the legalization of cannabis in the country, Canada...
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Where US Regulators Stand on Crypto Assets

The U.S. has many regulators responsible for overseeing different aspects of crypto assets, each with its own stance on how they should be regulated. Major regulators in the U.S. with strong opinions on cryptocurrency include the SEC, the CFTC, the Federal Reserve, Fincen, and the IRS. Also read: Tax Guide: What Crypto Owners Should Know...
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Tax Guide: What Crypto Owners Should Know

With the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get their hands on this new source of untapped revenue, but there are also tax-friendly countries that are not taxing crypto transactions. Furthermore, many tools exist...
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IRS’s treatment of fork, airdropped coins as income prompts debate

“.. if I could have one word that would just be to describe this whole guideline will be just whack, I mean, they’re just not thinking about what their guideline means,” said Brandon Green, Project Manager for BTC Inc while talking about the recently released guidelines and clarifications about its crypto tax policy by the...
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IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

The U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the year. Also read:...
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‘IRS’s crypto-tax guidance modeled after successful enforcement against Swiss account holders’

Taxation on cryptocurrencies and their associated earnings have long bugged crypto-enthusiasts across the world. An attempt to clarify the tax position on these assets was offered by Shartsis Friese LLP’s tax attorney, Dashiell Shapiro, who appeared on BloombergTV. Shapiro spoke about the recent guidance issued by the IRS with regards to taxation on crypto-holdings and...
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IRS Issues New Crypto Tax Guidance After 5 Years – Experts Weigh In

The U.S. Internal Revenue Service (IRS) has issued long-awaited guidance on the tax treatment of cryptocurrencies. It is generally described by the crypto community as a mixed bag since some parts are useful while others have raised many more questions, particularly how cryptocurrencies from hard forks and airdrops are taxed. Also read: 10 Tax Tools...
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The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years

news The U.S. Internal Revenue Service (IRS) has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings. Industry members have been eagerly awaiting the update since May 2019, when IRS Commissioner Charles Rettig said the agency was working on providing fresh guidance. The agency’s 2014 guidance left many questions unanswered,...
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Turkish Government Freezes Over 3 Million Bank Accounts

Hundreds of thousands of businesses and individuals with tax obligations to the Turkish state have received foreclosure notices this week informing them about their frozen bank accounts. The government of Turkey, which is struggling with financial and economic problems under geopolitical pressure, is likely to push even more of its citizens towards cryptocurrencies with the...
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Ohio discontinues service allowing payment of taxes using Bitcoin

Back in November 2018, the state of Ohio in the United States had announced that it would accept cryptocurrencies for tax payments, making it the first U.S state to do so. Following Ohio’s example, Canada’s Richmond Hill and Innisfil followed suit, with the towns announcing the acceptance of cryptocurrencies as a payment option for property...
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Cryptocurrency Might Be Treated as Treasure Under Russia’s Tax Code

Russia might implement an interesting tax method. Local media reported that the Association of Banks of Russia proposes a tax on cryptocurrency mining that is equivalent to the tax on found properties or treasures. In Russia, Bitcoin Regarded as Treasure While it has been often associated with speculators and criminals, the king of cryptocurrency might...
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Cryptocurrency Tax Software To Keep the IRS From Your Door

If you’ve traded cryptocurrency, chances are that you’ve lost a fair amount of hair–not to mention sleep–trying to calculate your obligations. Some hodlers only need to report a few trades per year, but if you’re moving large amounts of cryptocurrency, it might take some professional-level software to keep track of all those gainz. The cryptocurrency...
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10 Tax Tools to Help Crypto Owners

While tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your filing — no matter where you are. Many of them work globally, supporting tax forms of multiple countries, and can import data directly from all major crypto exchanges. Also...
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Indian Parliament Member Helping Crypto Community Influence Regulation

The Indian crypto community has made progress towards influencing the government’s crypto policies. Some industry leaders have met with an influential lawmaker who has agreed to help bring about positive crypto regulation in the country. Also read: India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost Parliament Member Agrees to Help...
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Bitcoin Miners to Enjoy Tax Holiday in Iran

Iran’s government is looking to provide tax breaks for bitcoin miners in the country. This move is the latest in a series of steps geared towards supporting the local crypto industry as a way of boosting the country’s economy. Meanwhile, bitcoin mining continues to see increased activity as the network hash rate approaches unprecedented levels....
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Avoiding Audits: Common Mistakes When Filing Crypto Taxes

Filing crypto taxes can be quite tedious and frustrating, as the process requires data from every exchange account and wallet you have ever used for a transaction. This is exacerbated by the fact that crypto is so new that the tax rules are not very clear to the average investor. As a result, mistakes in...
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US Crypto Taxes Are Still A Kafkaesque Nightmare

Taxes are never popular, but in the U.S., paying for crypto gains is like solving a Rubik’s Cube without touching it. While blindfolded. You might have correctly filed your obligations, but there’s no knowing until the tax authority explains exactly what those obligations are. Leaving aside the fact that the government is seeking revenue on...
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Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd...
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Taxes: How to Pick a Recession Proof Career

Many experts predict that the U.S. might face another recession as early as next year and by 2021, others foresee another recession and give it a 24% to 83% of happening. In May 2019, the U.S. saw just 27,000 created – affecting manufacturing and small businesses the most heavily, but some industries, healthcare, education, and...
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