The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure […]
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US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how […]
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The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying […]
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In this roundup, we cover an exceptionally busy week for crypto regulations around the globe. We start our coverage with the U.S. Virtual Currency Tax Fairness Act of 2020, actions by the SEC, Ripple’s lawsuit, India’s supreme court hearings, Australia green-lighting a bitcoin retail fund, Thailand approving a new crypto exchange, and new crypto guidelines […]
The post Regulatory Roundup: New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies appeared first on Bitcoin News.
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Cryptocurrency transactions are still tax-free in South Korea due to a lack of tax regulations. As the law stands, citizens are able to profit millions of won from cryptocurrencies without being required to pay taxes on them. However, the regulators have set a tentative timeframe for the introduction of the crypto tax law. Also read: Japan’s […]
The post Crypto Still Tax Free in Korea but Regulators Have Set Timeframe for Taxation appeared first on Bitcoin News.
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Cryptocurrencies have been around for a while now, and they’re increasingly becoming of interest to tax liability regulators. But many of us are not clear as to how tax regulations are going to work. In this article, we are going to cover four facts that you must know. Most people simply don’t think they need to pay taxes while using digital currencies, but the truth is that none of us are exempt from taxes as long as we trade assets, even if they are crypto-related. To that end, the IRS (Internal Revenue Service) has stated that all virtual transactions related to digital currencies are subject to tax in accordance
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It has been 31 years since the United States addressed its labyrinthine tax structure. The 115th Congress passed a bill slicing seven income brackets on individuals to four, tweaking them mostly downward and slightly, lessening the corporate tax, and increasing deductions here while limiting others there. For bitcoiners, An Act to provide for reconciliation pursuant […]
The post Trump’s New Tax Bill Means Changes Ahead for U.S. Bitcoiners appeared first on Bitcoin News.
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