crypto: Explained: Crypto exchanges may move base overseas but you will still have to pay tax on your cryptocurrency

crypto: Explained: Crypto exchanges may move base overseas but you will still have to pay tax on your cryptocurrency

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

Crypto Tax Planning Can Help Investors Avoid Unpleasant Surprises

Crypto Tax Planning Can Help Investors Avoid Unpleasant Surprises

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

Crypto tax spurs bonanza for digital-coin bourses

Crypto tax spurs bonanza for digital-coin bourses

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

India Crypto Tax Guide 2022

India Crypto Tax Guide 2022

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

Some Investors Want to Ditch Crypto Over Tax Confusion

Some Investors Want to Ditch Crypto Over Tax Confusion

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

Heavy Tax On Cryptocurrency Better Than Outright Restriction: Crypto Firm Founders

Heavy Tax On Cryptocurrency Better Than Outright Restriction: Crypto Firm Founders

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

Crypto tax regime: Taxing for some, enabling for others

Crypto tax regime: Taxing for some, enabling for others

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

Crypto Miners Face Stricter Oversight in Kazakhstan as President Tokayev Orders Electricity Tax Hike: Report

Crypto Miners Face Stricter Oversight in Kazakhstan as President Tokayev Orders Electricity Tax Hike: Report

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

Crypto tax may hurt social cos with reward points, in-app buys

Crypto tax may hurt social cos with reward points, in-app buys

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

Coinbase And TurboTax Users Can Now Accept Tax Return In Crypto

Coinbase And TurboTax Users Can Now Accept Tax Return In Crypto

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

Global players cheer crypto tax as first step to nod

Global players cheer crypto tax as first step to nod

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

tax on cryptocurrency: Budget 2022 levies 30% tax and TDS on crypto assets

tax on cryptocurrency: Budget 2022 levies 30% tax and TDS on crypto assets

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 proposes 30% tax on crypto and NFTs income – TechCrunch

India proposes 30% tax on crypto and NFTs income – TechCrunch

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

Budget expectations 2022: Fintech wants tax benefits, clarity on crypto

fintech

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

What happens if you don’t disclose crypto activity this tax season

What happens if you don't disclose crypto activity this tax season

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

Swiss tax authorities provide additional clarity on crypto-taxation

Swiss tax authorities provide additional clarity on crypto-taxation

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

Tax Reporting For Crypto Is About To Get A Lot Easier, Faster And Cheaper

Tax Reporting For Crypto Is About To Get A Lot Easier, Faster And Cheaper

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 government to clear up crypto tax confusion

Thailand government to clear up crypto tax confusion

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

Half a Dozen of India’s Crypto Exchanges Searched After Alleged Rupee 700M Tax Evasion Detected: Sources

Half a Dozen of India’s Crypto Exchanges Searched After Alleged Rupee 700M Tax Evasion Detected: Sources

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

Crypto exchange WazirX dodged Rs 40.5 crore in tax, says GST department

Crypto exchange WazirX dodged Rs 40.5 crore in tax, says GST department

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

How to prepare for 2022 tax season and potential crypto regulation

How to prepare for 2022 tax season and potential crypto regulation

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

The IRS wants to know about your crypto transactions this tax season

The IRS wants to know about your crypto transactions this tax season

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

Korean crypto investment firm Hashed reportedly under tax investigation

Korean crypto investment firm Hashed reportedly under tax investigation

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

Things to know (and fear) about new IRS crypto tax reporting

Things to know (and fear) about new IRS crypto tax reporting

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

Australian Tax Office says it can’t rely on crypto users’ own records

Australian Tax Office says it can't rely on crypto users' own records

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

Crypto can erode tax base, Russia’s tax boss says

Crypto can erode tax base, Russia's tax boss says

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

Crypto Regulation Tucked Into Infrastructure Bill Raises Surveillance Concerns; Receivers Would Have To Collect Tax IDs on Transactions Over $10,000

Gavel over U.S. flag and Bitcoin showing crypto regulation in infrastructure bill

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

Shell to shift tax base to UK and ditch dual share structure

Shell to shift tax base to UK and ditch dual share structure

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

Tax cuts on fuel improve inflation outlook: RBI governor

Tax cuts on fuel improve inflation outlook: RBI governor

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

House Sends Infrastructure Bill With Crypto Tax Provision to US President

House Sends Infrastructure Bill With Crypto Tax Provision to US President

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

Build Back Better Act would close tax loophole for crypto investors

Build Back Better Act would close tax loophole for crypto investors

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

Tax ‘nudge’ letters to be sent to crypto investors

Tax ‘nudge’ letters to be sent to crypto investors

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

Letter: Crypto tax treatment is a concern for all investors

Letter: Crypto tax treatment is a concern for all investors

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

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