Archive | tax

South Korean Crypto Circles Criticize Tax Perks Exclusion

The recent decision to exclude South Korean cryptocurrency exchanges from the proposed tax benefits for “New-Growth Technologies” has been met with significant backlash from three leading blockchain associations. Controversial proposal The South Korean Ministry of Small and Medium-sized Enterprises (SMEs) has ruled that cryptocurrency trading platforms are to be treated in the same ilk as […]

Hungary Working on Crypto Regulatory Framework

Hungary is reported to working on a framework to regulate cryptocurrency trading through a joint workgroup set up for this purpose. The county is currently far from being a crypto haven with steep taxation and a lack of recognition by the country’s ministry of finance and banking system. Despite this stance, the country, like a […]

China Aerospace Industry Turns to Blockchain for Invoicing Issues

The Chinese State Aerospace Industry is looking to utilizing blockchain technology to update some of its electronic invoicing. According to a government announcement posted by State Administration of Science, Technology and Industry for National Defence, China Aerospace Science and Industry Corporation Ltd will be fulfilling state plans for using blockchain for invoicing for tax purposes. […]

Crypto Hedge Funds Face Tax Uncertainty

With US government scrutiny focusing in on cryptocurrencies, hedge funds face tense uncertainty due to the unclear tax regulations regarding digital currency assets. Trying to play by the rules With billions of dollars on the line, cryptocurrency hedge fund managers face a challenge when trying to fully comply with tax laws just as individual investors […]

South Africa Proposes VAT Exempt Bitcoin Trades Under New Tax Changes

New regulations under discussion as part of reviewing South Africa’s Taxation Laws Amendment Bill (TLAB) suggest that Bitcoin trades may become exempt from value-added tax (VAT) The South African government has already begun to examine how to address cryptocurrency as part of the economy due to its rising popularity in the country. The South African […]

Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax

The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns. Also read: Japan Contemplates Scrapping Its Progressive Crypto Tax Rate NTA to Devise Simplified and Automated Tax Return Filing Method […]

Australia Tackles Crypto Taxation with New Crypto Classification

Australia’s tax authority has declared intentions to track citizens who hide their cryptocurrency gains offshore using data-matching services that also target “unexplained assets and wealth”. Taxation Earlier in 2018, the Australian Tax Office (ATO) published guidelines on the taxation of virtual currencies. It highlighted Bitcoin and other cryptocurrencies that behave similarly to Bitcoin as neither […]

Five Nations Join Efforts to Punish Transnational Bitcoin Tax Crime

Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations. Also […]

Japanese Investor Pleas for Lower Crypto Taxes Unlikely to Force Change

Japan’s minister of finance, Fukushiro Nukaga, doubts that the public would condone a change in cryptocurrency taxation in the Asian country, write Cointelegraph. Any change would essentially create a special case for cryptocurrency by lowering taxation to 20% from the standard rate which could be as much as 55%, which would be called a “separate […]