Category: Taxes

South Korea fast tracks 20% tax on Bitcoin and crypto profits to 2022

February 22, 2021

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After much back and forth, South Korea appears to have finally set a hard date for the dawn of cryptocurrency taxation. 6882 Total views 38 Total shares South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made […]

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Bitcoin core non-profit gets approved for tax exemption, perks for donors

February 10, 2021

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501(3)(c) status boosts the project’s legitimacy as well as its efficiency in using donations. 1845 Total views 10 Total shares A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors. Brink, which launched in the fall, has been approved as a 503(c)(3) organization […]

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US Library of Congress report highlights proof-of-stake tax blindspot

February 4, 2021

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The taxman still isn’t wise to cryptocurrency earnings made through proof-of-stake. But that could change soon. 7749 Total views 21 Total shares Republican Rep. Tom Emmer has called for more precise tax guidelines regarding cryptocurrency earnings, after a report he commissioned from the Law Library of Congress showed a stark disparity between regulatory approaches taken […]

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South Korea to introduce a 20% tax on crypto trading profits in 2023

January 7, 2021

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After several delays, the South Korean government is going ahead with a plan to tax cryptocurrency holders. 13662 Total views 17 Total shares The South Korean government issued an amendment on Wednesday to introduce a tax on profits from cryptocurrency trading. Following a legislative notice lasting until Jan. 21, the amendment is likely to be […]

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PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit

January 7, 2021

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Jan 7, 2021 at 12:56 p.m. UTC PayPal, Coinbase Invest in Crypto Tax Automation Startup TaxBit TaxBit, a firm providing cryptocurrency tax automation software, says it has secured investments from the venture arms of PayPal and Coinbase, as well as its existing investor Winklevoss Capital. The amount invested was not disclosed in an announcement Thursday. […]

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US crypto firms invest in tax solutions as IRS updates reporting forms

January 7, 2021

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Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. 3064 Total views 17 Total shares United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests […]

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South Korea’s 20% Crypto Tax Now Coming in 2023: Report

January 7, 2021

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Jan 7, 2021 at 12:17 p.m. UTCUpdated Jan 7, 2021 at 2:49 p.m. UTC South Korean National Assembly building(Niyazz/Shutterstock) South Korea’s 20% Crypto Tax Now Coming in 2023: Report South Korea’s government will start taxing cryptocurrency gains over a year later than originally planned. The nation’s Ministry of Economy and Finance said Wednesday it has […]

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Israelis Must Now Disclose Crypto Holdings: Report

December 27, 2020

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Dec 27, 2020 at 4:51 p.m. UTCUpdated Dec 27, 2020 at 4:52 p.m. UTC Israelis Must Now Disclose Crypto Holdings: Report The Israeli Tax Authority (ITA) is now requiring residents to disclose their cryptocurrency holdings for taxation purposes, according to a Globes report.  According to the report, dozens of Israelis who own digital currencies have […]

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Tax justice for crypto users: The immediate and compelling need for an amnesty program

December 19, 2020

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The United States Internal Revenue Service is blinded by its desire to defeat cryptocurrency. It rushes to enforcement without first thinking how best to get there. It has spent millions of taxpayer dollars training its personnel and procuring private contractors to uncover noncompliance by crypto users. The IRS is arming its people to aggressively enforce […]

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Thai tax collectors to streamline revenues with blockchain tech in 2021

December 7, 2020

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Blockchain will reportedly make tax evasion more difficult in Thailand. 1609 Total views 35 Total shares Thailand’s tax collection agency will use blockchain technology to streamline tax payments next year. The Excise Department will use blockchain to improve its revenue collection in lieu of actually raising taxes as the Thai economy still makes a gradual […]

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