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Cryptocurrency’s resistance to government control is countered by the fact that a number of governments, including Chile, Romania, Spain and South Africa, are looking to cash in by taxing crypto assets. These countries are crafting laws that bind citizens to annually disclose cryptocurrency investments that, in some cases, are held at home and abroad, and […]
The post Cryptocurrency Is Providing a Lucrative New Revenue Stream for Governments appeared first on Bitcoin News.
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Filing taxes can be tricky and in jurisdictions like the United States is notoriously complicated. But when cryptocurrencies are added to the equation things start to get even harder. Many aspects of the reporting of crypto income and profits are not yet clearly defined. However, a number of tax filing and calculation tools are trying […]
The post These Tools Will Help You Calculate Your Crypto Taxes appeared first on Bitcoin News.
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Romania has amended its tax laws, allowing it to start taxing gains from bitcoin investments at a rate of 10 percent. The improved fiscal code legislation categorizes earnings generated from buying and selling cryptocurrencies as “income from other sources” and therefore subject to income tax, local media reports. Also read: Falcon Private Bank Launches Crypto Wallet […]
The post Romania Imposes 10% Tax on Cryptocurrency Earnings appeared first on Bitcoin News.
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According to local media, a Swedish cryptocurrency trader is anticipating receiving a tax bill of approximately $1 million after conducting approximately $2.9 million worth of trades across tens of thousands of transactions made since 2014. The trader claims that the tax bill will equate to 300 percent of the profits he has earned rather than […]
The post Swedish Trader Expects to Pay 300% of Crypto Profits to Tax Agency appeared first on Bitcoin News.
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The results of a survey published by Credit Karma estimate that crypto investors in the U.S. realized losses of approximately $1.7 billion during the previous tax season. Additionally, the report finds that U.S. investors incurred a further $5.7 billion in unrealized losses. Also Read: Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $81M US Cryptocurrency […]
The post US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last Year appeared first on Bitcoin News.
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Chile is to start taxing cryptocurrencies in April, when taxpayers pay their yearly income taxes, but it’s unclear at what rate. According to local media reports, the country’s revenue authority has included crypto assets in the Annual Income Tax Returns form, which will be declared as “other own income and/or third-party income from companies that […]
The post Chile to Start Taxing Cryptocurrency Earnings in Second Quarter of 2019 appeared first on Bitcoin News.
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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, […]
The post Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies appeared first on Bitcoin News.
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Payoneer chief executive officer Scott Galit has dismissed the idea of a single global currency like bitcoin as unrealistic. Galit argued that he doesn’t believe countries like the U.S. will ever allow citizens to pay taxes in bitcoin because of too much volatility in the price of the cryptocurrency. Also read: Former Mt. Gox CEO Says […]
The post Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic appeared first on Bitcoin News.
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Payoneer chief executive officer Scott Galit has dismissed the idea of a single global currency like bitcoin as unrealistic. Galit argued that he doesn’t believe countries like the U.S. will ever allow citizens to pay taxes in bitcoin because of too much volatility in the price of the cryptocurrency. Also read: Former Mt. Gox CEO Says […]
The post Skeptical Payoneer CEO Dismisses Idea of Single Currency as Unrealistic appeared first on Bitcoin News.
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Two U.S. congressmen have introduced a bill aimed at amending the country’s securities laws to exclude cryptocurrencies from the definition of a security. The bipartisan bill also seeks to adjust taxation and create tax exemptions for certain cryptocurrency transactions. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Bill Introduced U.S. Reps. Warren […]
The post US Lawmakers File Bill to Exclude Cryptocurrencies From Securities Definition appeared first on Bitcoin News.
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