NEW DELHI: With the United Arab Emirates and Singapore keen on becoming the next crypto hubs amid regulatory uncertainty over cryptocurrencies across the world and especially in India, several Indian crypto exchanges are moving their bases out of the country. The fear is that India’s 30 percent tax proposal on all digital assets will drive … Read more
As the calendar continues to roll through 2022, and tax season gets firmly underway, there are a lot of conversations around how cryptoassets will influence the outcome of this filing and payment season. The Internal Revenue Services (IRS) is, of course, facing the regular hurdles with regards to reviewing and processing returns – recent reports … Read more
India’s decision to impose a 30% tax on profits from cryptocurrency trading is turning out to be a boon for the country’s digital-asset exchanges. Binance-owned WazirX, India’s largest crypto bourse, has seen daily sign-ups on its platform jump almost 30% since Feb. 1, when the government unveiled the levy on the transfer of digital assets … Read more
Tax season starts on April 1, 2022. Indian Finance Minister Nirmala Sitharaman announced the proposals in her budget speech on Feb 1, declaring cryptocurrencies, non-fungible tokens (NFT) and any other crypto asset are, under a broad definition, “virtual digital assets.” This means crypto-assets and NFTs are subject to capital gains tax, similar to stocks in … Read more
Changpeng Zhao got right to the point.The Binance CEO reacted quickly to last week’s announcement by the U.S. Justice Department that a New York couple had been arrested for allegedly conspiring to launder about $4.5 billion in cryptocurrency stolen during the 2016 hack of the virtual currency exchange Bitfinex”Crypto is easier to track than fiat,” he tweeted.’A … Read more
AlphaPoint co-founders Igor Telyatnikov and Vadim Telyatnikov shared views on cryptocurrency trendsEl Salvador created history on September 7 last year, when it became the first country to adopt Bitcoin as a legal tender. However, the sailing hasn’t been smooth for the Central American nation. Frequent tech glitches, a large population unfamiliar with Bitcoin’s usage, protests … Read more
Beyond the vocal – and visible – retail-facing crypto trading exchanges in India, there is a thriving local blockchain ecosystem valued in excess of $15 billion. But it must hurdle potential barriers to growth in the shape of newly prescribed taxes that, some others believe, is more help than hindrance to this perception-challenged sector. The … Read more
Cryptocurrency miners operating in Kazakhstan will reportedly be paying a hiked electricity surcharge. Kassym-Jomart Tokayev, the President of the central Asian country has reportedly instructed authorities to increase the tax on electricity for crypto-mining outfits. Identification of all crypto-mining enterprises and facilities has also been ordered to eradicate unlawful crypto-mining activities. Kazakhstan aims to ensure … Read more
Mumbai: The newly introduced law aimed at taxing cryptocurrencies is all set to impact reward points and other in-app purchases offered by social media companies, dating and gaming apps, say tax experts. Going ahead, social media giants such as Meta or dating apps like Gleeden or even gaming apps could face a 1% tax deducted … Read more
The new tax laws on crypto and other digital assets will come into effect from 1 April 2022. However, there is no mention of cryptocurrency sales being taxed in Budget 2022 for the current fiscal year. Now, the question arises of how the gain up to March 31, 2022, will be treated as the new … Read more
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.Crypto fans can now receive their yearly tax return in the form of over 100 different cryptocurrencies, including bitcoin and ethereum. … Read more
Mumbai: The worldwide crypto community has lauded India’s announcement to tax cryptocurrencies and develop a blockchain-based, regulator-backed digital currency as a significant step forward toward legitimising the asset class and encouraging innovation in blockchain technology. “This means that India recognises the importance of crypto, digital assets and their underlying technology, blockchain, too,” said Anndy Lian, … Read more
The government has proposed that transfer of any virtual/cryptocurrency asset will be taxed at 30%. No deduction except cost of acquisition will be allowed and no loss in transaction will be allowed to be carried forward, the finance minister announced in Budget 2022 today. TDS will be imposed on payments for the transfer of crypto … Read more
India on Tuesday proposed launching a digital rupee by next year and a 30% tax on income from transfer of virtual digital assets such as cryptocurrencies and NFTs in one of the most remarkable tech and business-focused federal budgets presented by New Delhi. India has proposed a tax deduction at source on payments made related … Read more
All eyes will be on Finance Minister Nirmala Sitharaman as she unveils the Union Budget 2022 on February 1. The financial technology (fintech) industry has had a phenomenal year, with Covid restrictions forcing people to stay in and manage everything from home. The government has been constantly pushing for digital transactions and the use of … Read more
The crypto ecosystem has expanded significantly in recent years. While institutions such as the IMF are starting to embrace its innovation, they are also calling for investors to exercise caution.Jakub Porzycki | NurPhoto via Getty ImagesAfter recent market dips, reporting last year’s cryptocurrency profits on your tax return may be less appealing. But hiding taxable … Read more
Switzerland is referred by some as a ‘crypto nation’ Switzerland, by some referred to as a ‘crypto nation’, already has non-profit foundations to house hundreds of millions of dollars crowdfunded by blockchain projects and the crypto foundations continue to thrive in Switzerland.In December 2021, the Swiss Federal Tax Administration as well as the Association of … Read more
Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.Taxes are inherently complicated. Add cryptocurrency to the mix, and it can get … Read more
The Internal Revenue Service announced yesterday that the 2022 filing season will open January 24, and tax returns for individual U.S. taxpayers are due on April 18. Tax season is especially cumbersome for those who buy, sell, trade or invest in digital assets such as cryptocurrency and Non-Fungible Tokens, or NFTs. Unlike your average brokerage … Read more
Thailand is fast-tracking its crypto tax plans as it readies regulations for digital asset traders this month in an effort to provide further clarity on crypto-related activities.The Thai revenue department’s director-general has stated that clear criteria for calculating taxes on crypto trading profits will be finalized this month.The statement comes less than a week after … Read more
India’s tax authorities have conducted searches at some of India’s biggest cryptocurrency exchanges including “Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin after what they deemed tax evasion of Rs. 40.5 Crores (400 million INR or 6 million USD approx.) was detected at cryptocurrency exchange WazirX, according to sources with direct knowledge of the searches. Source link
Mumbai: The Goods and Services Tax (GST) department has begun an investigation into the activities of cryptocurrency exchange WazirX for allegedly evading Rs 40.5 crore in tax. Late on Thursday evening, the tax department recovered Rs 49.2 crore from the company – the GST owed plus interest and penalties. The indirect tax department said that … Read more
It’s been a record year for the cryptocurrency market, which surpassed $3 trillion in value in November. Top cryptocurrencies like bitcoin and ether also hit all-time highs.This mainstream adoption led to an increased focus on cryptocurrency regulation from lawmakers. Throughout the year, they debated framework on investor protections, taxes and more. Because of this, further regulation is … Read more
mixetto | E+ | Getty ImagesThe tax season is fast approaching — and the IRS has its eye on crypto investors. Form 1040, which U.S. taxpayers use to file an annual income tax return, has a question about “virtual currency” near the top of the first page.Investors must report taxable 2021 transactions involving bitcoin, ethereum, … Read more
Getty getty Ah, December. It always feels like this month sneaks up on us. For many, it is the last chance to impact their tax planning. But in the year end rush, there is a lot to consider. The past 18 months have been a wild ride in the capital markets. From the lows of March 2020 to … Read more
Crypto investment firm Hashed is currently under investigation by the National Tax Service (NTS) in South Korea according to local media.The 4th Bureau of Investigation from the Seoul Regional Tax Office, which is handling the investigation, is best known for conducting investigations into tax evasion and slush fundraising. A slush fund is a pool of … Read more
The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law … Read more
Stocks investors would only pay taxes for gains over KRW 50 million (US$42,450), whereas crypto investors would have to start paying when they reach $2,122 in capital gains, Kim said. In addition, investors could carry over stock losses for five years but could not carry over crypto losses at all. On top of that, the … Read more
The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not … Read more
The Russian Federal Taxation Service (FNS) is actively monitoring the cryptocurrency market to prevent tax evasion, FNS head Daniil Egorov said.Cryptocurrencies can potentially cause “significant erosion” to Russia’s tax base, Egorov argued in a Monday interview with the local publication RBC.But cryptocurrency transactions are still traceable and should be reported, the official said, adding that … Read more
A little-known law from 1984, originally intended to discourage large cash transfers, has been repurposed as a crypto regulation and tucked into the massive US infrastructure bill. The new rule would require receivers of a crypto payment that totals at least $10,000 to collect and report the Social Security number or tax ID of the … Read more
Royal Dutch Shell plans to ditch its dual share structure and move its tax residence from the Netherlands to the UK in a historic shift that sparked divided reactions on each side of the North Sea.The oil and gas supermajor, which is under fire from Wall Street activist investor Third Point, said on Monday that … Read more
MUMBAI: Reserve Bank of India governor Shaktikanta Das on Wednesday said that the tax cuts on fuel were a positive development and would help the central bank meet its inflation target of 5.3%. The governor said that the growth target of 9.5% also looked achievable, however, there were headwinds in the form of global development. … Read more
Another provision included in the bill to amend Tax code section 6050I has also stoked fear in the crypto industry. The law, written nearly 40 years ago to apply to in-person cash transactions over $10,000, essentially requires recipients to verify the sender’s personal information and record their Social Security number, the nature of the transaction … Read more
Photo by Mike Kline (notkalvin) | Moment | Getty ImagesProposed legislation unveiled Thursday as part of Democrats’ $1.75 trillion social and climate spending plan would close a tax loophole for cryptocurrency investors.The Build Back Better Act would subject crypto transactions to “wash sale” rules, an anti-abuse measure that currently applies to stocks, bonds and other … Read more
HM Revenue & Customs plans to send crypto investors nudge letters warning them to check they have the paid the right tax.News of the letters, which have yet to be issued, was released by CryptoUK, a trade association, on Wednesday, accountants reported.HMRC told CryptoUK it was taking an “educational approach” in issuing the letters. It … Read more
You report (October 16) that the US Internal Revenue Service, HM Revenue & Customs in the UK and the US Securities and Exchange Commission have intensified scrutiny of individual cryptocurrency holdings. But individual investors are only part of the picture — institutional investors and corporations also have significant crypto exposure now.Tax and regulatory authorities are … Read more
In the past four years, the tiny island of Puerto Rico has quietly become a centre for cryptocurrency billionaires and other digital asset holders for one reason: tax. A US territory, the island has made a play for a piece of the tax haven pie since 2012, when it passed two laws that resulted in … Read more