#Taxation News

Thai Tax Collector Eyes Blockchain Adoption for Improved Revenue Collection

December 7, 2020 by Osato Avan-Nomayo at Blockchain

Rather than raise taxes, Thailand’s Excise Department is looking to adopt blockchain technology for improved tax collection. The move is part of plans to enhance Thailand’s internally generated revenue (IGR) metrics as the country moves towards more sustained economic recovery. Blockchain Tax Collection System Coming in 2021 According to the...

Putin checking out some bitcoin russia flag

Russians May Have To Disclose Crypto Holdings Above $1,300

September 25, 2020 by Dalmas Ngetich at Regulation

Russians with crypto holdings above $1,300 must disclose their addresses, balances, and trading history to tax authorities lest they risk forced labor or up-to three years in jail. This is if the latest crypto draft rules by the Ministry of Finance (MoF) is adopted. New Draft Laws in Russia Classifies...

Man sitting down calculating bitcoin Tax

US: IRS Considering Asking Every Citizen If they Ever Used Cryptocurrency

August 22, 2020 by Aisshwarya Tiwari at Regulation

The US taxation watchdog is tightening the noose around crypto investors. IRS Wants to Know About Your Crypto Indulgences The US Internal Revenue System (IRS) recently released drafts of its income tax forms for 2020 which particularly asks all taxpayers whether they ever bought any crypto. In specific, the latest...

South Korea: "Kimchi Premium" Causes Digital Assets to Trade at 600 Percent Premium

South Korea Could Tax Cryptocurrency Trading Profits from 2021

June 12, 2020 by Anthonia Isichei at Regulation

The South Korean government has decided to tax profits on cryptocurrency trading, which could take effect from 2021. Capital Gains Tax on Crypto Trading According to a report from News Asia on Thursday (June 11, 2020), cryptocurrency traders in South Korea could be taxed capital gains on their crypto trading...

South Korean Crypto Exchanges Earned $648 Million in 2017 that is Taxable

South Korea: Regulators Mulling Taxing Cryptocurrency Gains

May 30, 2020 by Aisshwarya Tiwari at Regulation

South Koreans cryptocurrency traders could soon find themselves busy doing taxes. According to a report by Decrypt published on May 30, 2020, the South Korean Ministry of Strategy and Finance has proposed taxing profits made via crypto-fiat transactions. South Korean Regulator Eyes Taxes on Crypto Profits In a bid to bring more clarity to...

Swedish Man Goes to Court over “Absurd” Cryptocurrency Tax Bill

January 23, 2019 by Tokoni Uti at Bitcoin, Finance, News, Regulation

Swedish Man Linus Dunkers has filed a court case after being charged $885,000 in tax for Cryptocurrency trading. An amount he says is over three times all the profit he made, as per a report from SVT January 20, 2019. A Million Ways to Tax One aspect of cryptocurrency adoption...

Former Congressman Ron Paul Accuses U.S. Fed of Manipulation; Urges Cryptocurrency Detaxation

December 10, 2018 by Rahul Nambiampurath at Bitcoin, Blockchain, Finance, News, Platform, Regulation

Former presidential candidate Ron Paul published an article titled “Trump Is Right, the Fed Is Crazy” in November 2018, pointing out for the immediate detaxation of cryptocurrencies and precious metals in the United States. Abusing Power to Manipulate Finance According to Paul, the U.S. Federal Reserve is abusing its position...

The Australian Tax Office is Hunting for Cryptocurrency Traders to Report and Pay their Taxes

June 19, 2018 by Cindy Huynh at Altcoins, Bitcoin, Blockchain, Business, Finance, News, Regulation

According to The Financial Review, The Australian Tax Office (ATO) is warning cryptocurrency traders that their profits from cryptocurrency trading in 2017 to 2018 will “not go unnoticed.” ATO Explains Cryptocurrency Investing The ATO has provided a very detailed and comprehensive information for Australian citizens when it comes to cryptocurrency...

India May Levy 18 Percent Tax on Cryptocurrency Activities; Making it Practically Legal

May 24, 2018 by contributor at Altcoins, Bitcoin, Business, Finance, News, Regulation

Even though the legal acceptance of cryptocurrencies in India is not crystal clear yet, people with direct knowledge of the issue has stated that India is well on its way to levy Goods and Services Tax (GST) on any activity related to digital assets. The Statement According to a report,...

Cryptocurrencies standing proud waving the French flag blockchain

French Authorities Slash Tax Rate on Bitcoin-related Transactions

April 27, 2018 by Ogwu Osaemezu Emmanuel at Altcoins, Bitcoin, Business, Finance, News

At a time when several countries of the world are busy slapping hefty and entirely unreasonable tax rates on bitcoin-related transactions, the French Council of State has drastically reduced the fees bitcoiners will pay to the government with effect from April 26, 2018. Movable Property According to Le Monde, French...