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