The rising popularity of cryptocurrency gambling has brought about important considerations regarding tax implications. Here’s what you need to know to ensure compliance with tax authorities while enjoying crypto gambling. Tax Classification: In many jurisdictions, the classification of cryptocurrency varies, and its treatment can range from being considered a commodity to a currency. It’s essential to determine how your country’s tax authorities categorize cryptocurrency to understand your tax obligations. Taxable Events: Gambling winnings, whether in fiat or cryptocurrency, can be subject to taxation. If you’ve made profits through crypto gambling, it’s crucial to report these gains accurately. Note that losses
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According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant […]
The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from […]
The Indian government is reportedly mulling over imposing an 18% goods and services tax (GST) on bitcoin transactions. According to the Central Economic Intelligence Bureau, the government could gain Rs 7,200 crore annually from this bitcoin taxation. 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has […]
South Korea will now tax profits made from buying and selling of cryptocurrency at 20% after the government agreed to the decision on Wednesday. The decision was reached after months of debate. According to a taxation policy amendment notice released July 22, the Ministry of Economy and Finance said income from digital assets below 2.5 […]
The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt. Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year period. But after seeing the […]
Japan’s finance minister Taro Aso says he is opposed to reducing tax on bitcoin income to 20%, on par with stock dividends, arguing that most Japanese households find it difficult to invest in digital assets. The development suggests that Japan will uphold its current definition of cryptocurrency as miscellaneous income, whereby virtual currency is taxed […]
South Korea will start taxing profits from bitcoin (BTC) and other cryptocurrencies next year, according to local media reports. The taxation will also apply to bitcoin mining operations and income from initial coin offerings, should it be approved by Parliament. South Korea’s Ministry of Economy and Finance proposed the amendments to the existing tax law […]
2019 was the year when the term “cryptocurrency tax” became deeply embedded in token-holders’ lexicons. Sure, the idea that you’d have to pay tax on your bitcoin or other digital assets has been kicking around for years, but more column inches were devoted to the taxation of crypto last year than any preceding it. Undoubtedly this stems from various national agencies releasing detailed guidance on how to treat your cryptocurrency transactions and prepare an acceptable tax return, as well as news stories about the same authorities sending warning letters to taxpayers with crypto holdings. In any case, such publicity has