Israeli Tax Authorities Notify Cryptocurrency Owners to Disclose Their Holdings for Taxation Purposes

The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries to cryptocurrency exchanges operating in Israel and those based … Read more

Bulgarian Tax Authority to Inspect Crypto Exchanges and Traders

The National Revenue Agency of Bulgaria is preparing to conduct inspections on cryptocurrency trading platforms and their customers. The authority wants to make sure that both are fulfilling their obligations under the country’s tax and social security laws. Also read: Denmark’s Tax Agency to Collect Information About Bitcoin Traders Nine Crypto Companies Subjected to ‘Control … Read more

South Korea Plans to End Major Tax Benefits for Bitcoin Exchanges

The South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies. Also read: Yahoo! Japan Confirms … Read more

Ireland Clarifies Taxation of Crypto Transactions

The Irish revenue service has published a manual with guidelines aimed at eliminating the uncertainty surrounding the taxation of crypto transactions. Investors and traders of digital coins, businesses working with cryptocurrency and tax advisors, of course, can now find answers to many but not all of their questions. The notice has been issued at a … Read more

Azerbaijan to Tax Crypto Incomes and Profits

Gains from cryptocurrency transactions will be taxed in Azerbaijan, according to a high-ranking official from the Tax Ministry. Authorities in the energy-rich nation intend to tap into both corporate profits and personal incomes. The country has previously taken a conservative stance on cryptocurrencies but the focus on taxation now signals a change in Baku.  Also … Read more

Finland Has Identified Thousands of Bitcoin Traders Who Owe Taxes

The Finnish government has revealed the number of taxpayers who owe taxes from bitcoin-related income. The country’s Tax Administration claims to have “different ways to combine information and identify people” who owe taxes from crypto profits, which are now “well over ten times higher than last year.” Also read: Russian Regulators Draft Law to Restrict Crypto … Read more

These Countries Won’t Tax Your Bitcoins Too Much

A growing number of governments can’t resists the temptation to get their hands on some of the bitcoins their citizens are making. Several states, however, think that leaving some breathing space for crypto users and entrepreneurs is a better idea in the long run. Crypto-friendly tax regimes can still be found around the world. Also … Read more

Latvia Recognizes Cryptocurrencies in Order to Tax Them

Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon … Read more

Tax Loophole Closing For South Korean Cryptocurrency Exchanges

The South Korean government is working on taxing cryptocurrency transactions. While the media reports that up to 24.2 percent taxes will be collected this year from crypto exchanges, the regulators say that the tax rates have not been decided. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations What Tax Rates Apply To … Read more

South Korea Found a Way to Tax Cryptocurrencies Under Current Law

The South Korean government has announced that some taxes can be applied to cryptocurrencies under the current law, which will be finalized in the first half of this year. Other taxes are also being considered but some are not easily implemented under the current tax system. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, … Read more