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Filing taxes can be tricky and in jurisdictions like the United States is notoriously complicated. But when cryptocurrencies are added to the equation things start to get even harder. Many aspects of the reporting of crypto income and profits are not yet clearly defined. However, a number of tax filing and calculation tools are trying … Read more
The deadline for submitting tax returns in the UK is Jan. 31, 2019. If you hold investments in bitcoin or any other cryptocurrency it is important to be aware you may owe corporation tax, income tax, or capital gains tax depending on your activities. The U.K.’s HM Revenue and Customs (HMRC) has shared its most recent … Read more
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
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
Cryptocurrency traders in Japan currently can be taxed as high as 55% on their profits. However, the country’s Deputy Prime Minister, Taro Aso, wants to change how crypto transactions are taxed, from a progressive rate to a uniform rate. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Aso Wants to Change Crypto Taxation The Japanese … Read more
Taxpayers in Russia have started declaring incomes and profits from crypto transactions even before cryptocurrencies are legalized in the country, results from this year’s tax campaign show. The Finance Ministry has again clarified the applicable tax rules, while the State Duma is still fine-tuning the upcoming regulations. Also read: Russian Railways Eyes Crypto for Tickets, … Read more
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
Authorities in Poland have realized how inapplicable their decision to tax all crypto transactions really is. A high-ranking official from the Finance Ministry said in an interview that his department “accepts the irrational effect” of the tax it wanted to levy on every purchase and sale of cryptocurrency, regardless of their profitability. Other reports suggest … Read more
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
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
