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Taxpayers in Chile are reportedly going to have to pay taxes on cryptocurrency earnings this year, as the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) has included a section for cryptoassets in a form that has to be filled on taxpayers’ Annual Income Tax Returns. According to local media, last year the country’s
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The government of Bulgaria has started to investigate crypto exchanges to demand taxes from the profits investors generated from trading digital assets. The National Revenue Agency (NRA) has categorized cryptocurrencies as financial assets, which incur a 10 percent tax on profit that individuals have to disclose annually. Two Major Issues of Bulgaria’s Crackdown on Crypto
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The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies. The decree states that the change is necessary for the “strengthening of the current fiscal regime.”
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Venezuelan government published the official gazette No. 6,420 dated Dec. 28 on Monday, local media reported. It contains Decree No. 3,719 which outlines new tax payment rules for cryptocurrency operators. Dinero publication explained:
Taxes have been a hot topic in the cryptocurrency world this year. Many countries have been trying to figure out how to tax crypto assets, while traders have been figuring out how to lever them to write off losses. As bitcoin and other cryptocurrencies enter the mainstream, tax reduction strategies are starting to emerge.
Also read: UK Investors to Pay Capital Gains and Income Tax on Bitcoin Investments
The British government has recently released a policy paper clarifying the tax laws on crypto assets.
This fairly straightforward document was released on Her Majesty’s Revenue and Customs’ (HRMC) website, holding a sundry list of important crypto space terms, the relevant tax codes and points of intersection between the two.
The report claims that “the cryptoassets sector is fast-moving and developing all the time,” and that much of the terminology described in the report may only be situationally accurate or subject to change. As a result, it prefaces most of the information with a disclaimer that its “views may evolve further as the sector develops.”
The National Assembly in France has recently shot down proposals to ease up the pressure on tax regulations in the crypto space.
As reported by Bitcoin.fr, there recently existed a series of proposals to present a friendlier environment to cryptocurrency firms in France, none of which were able to pass the lower house of the nation’s legislature.
The report listed several proposed amendments to the French tax code, many of which hardly seem like radical ideas. For example, Amendment 399 was apparently intended to clarify distinctions between occasional usage of crypto assets with routine transactions, without any reference to trying to take advantage of either classification. A similar amendment to defer payment of capital gains taxes until crypto assets were converted into fiat also failed.
A member of the British Parliament wants UK residents to be able to pay their local taxes and utility bills using bitcoin. Eddie Hughes, a conservative MP (member of Parliament) for the Walsall North constituency, said this would be a great first step toward mainstream adoption of crypto. Hughes said it’s time for other members … Continued
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Ohio will become the first state in the US to officially accept tax payments in bitcoin, according to a Wall Street Journal report. Beginning this week, businesses who plan to make settlements for their taxes with bitcoin can visit OhioCrypto.com and register to pay all their corporate taxes to the government in BTC. The state government
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Europe’s top banks allegedly helped wealthy clients across the continent steal 55 billion euros ($ 63 billion) from multiple governments by making tax reclaims to which they were not entitled, an investigation has revealed. The theft centred around a complex scheme of trading stocks that also involved hedge funds and large international commercial law firms.
Also read: $ 50 Million Bitcoin Mining Farm Opens in Armenia
The undercover probe by 37 journalists from 12 countries shows that about a dozen European countries are affected by the tax scandal, but Belgium, Denmark and Germany were hardest hit. France, Italy, the Netherlands, Norway, Spain, Sweden and Switzerland have also seen some damage.
This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Ask any layperson their views on cryptocurrencies and you’ll likely hear that they’re mainly used for illicit activities and tax evasion. While this is obviously far from the … Continued
The post Confronting the Elephant in the Room: Crypto Taxes and How Some Platforms Are Addressing Them appeared first on CCN
The number of jobs and job seekers in the Asian crypto space is growing, according to leading recruiters in the region. Also in The Daily, Colombia may soon become a crypto-friendly nation, California and Russia want to use blockchain tech for insurance and pensions, and Malaysians remain bullish on cryptocurrencies, despite market trends this year.
Also read: Mycrypto Raises $ 4 million, Islamic Crypto Exchange Sets Foot in Malta
Capital gains on crypto transactions are easy to track, one at a time. What about when there are thousands?
Cryptocurrency capital gains taxes are becoming a point of interest for governments. In 2017, which will likely come to be known as the year crypto went mainstream, the combined market cap for all cryptocurrencies rocketed up from 15 billion to over 600 billion dollars. This kind of growth is hard to ignore — not just for the day traders and blockchain evangelists but for governments as well. This article focuses on how the United States specifically approaches crypto taxation.
With tax season upon us, cryptocurrency enthusiasts have a lot to take into account. For one thing, it seems there are some details which most people may not be aware of. Failing to comply with these requirements can lead to a jail sentence, though, so it’s important to keep these things in mind at all times.
Filing taxes is always a bit of a difficult task when it comes to cryptocurrencies. It is quite difficult to fill out everything unless one uses specialized software for this specific purpose. Thankfully, there are quite a few tools available to help out in this regard, although that is only the first step to take when it comes to filing taxes.
While most of the early buzz around Bitcoin centered on it as a new, fast, cheap and permissionless method of online payment, the focus has moved from medium of exchange to store of value over the past few years. It’s clear that bitcoin is useful for censorship-resistant payments that may not otherwise be possible without this new technology, but much more of the recent hype has been around tracking the price more than anything else at this point.
Although general activity on the Bitcoin network has continued to rise, a recent report from blockchain analytics firm Chainalysis shows that a growing percentage of this activity is related to trading on exchanges.
A recent poll on Twitter held amongst more than 7,500 people showed the abrogating reaction of the majority when asked about the way they handled their taxes associated with crypto investing and trading. Only a fifth of the participants revealed that their taxes are already filed and paid.
A cryptocurrency taxes poll posted on Twitter on April 1st quickly caught up to speed with more than 7,500 people already taking part.
Ok US people, crypto taxes:
— Ryan Selkis (@twobitidiot) April 1, 2018
Calculating tax exposure is always a data-heavy business process. With regular assets, this process is simple. In cryptocurrency, it’s anything but.
CoinDesk
There’s a lot of information to process, but ignoring it can be hazardous. The IRS is going to come after investors who are not reporting their gains.
CoinDesk
A mayoral candidate in the Texas city of Lewisville is campaigning to raise funds for the city’s police force with cryptocurrency.
Four-time mayoral candidate Winston Edmonson has proposed the launch of a municipal cryptocurrency in the city of Lewisville as a means of funding the local police force without raising taxes.
Edmonson has named his cryptocurrency “Blue Coin” and has proposed an economic model which affords residents the ability to purchase tokens from the city which may be used for goods at participating businesses. The businesses interested in accepting the cryptocurrency as payment would give a certain percentage of that transaction to the Texas city’s police force. Notes the mayoral candidate:
While some governments around the world, both local and national, are taking steps to try and limit the spread of the use of cryptocurrencies, many others are trying to ensure their citizens are free to adopt the revolutionary technology. The latest example of this is the US state of Wyoming where the legislator has recently approved a host of new measures meant to attract cryptocurrency business.
Also Read: Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018
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