Taxation

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Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status

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Cryptocurrency taxation is a subject that concerns a growing number of users, traders and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services. Georgia has become the latest nation to free crypto-fiat transactions from … Read more

IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

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A recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on … Read more

Israeli Court Rules Bitcoin Is an Asset

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An Israeli court has ruled that bitcoin is an asset, confirming the central bank’s stance. The case involves the country’s tax authority and the founder of a blockchain startup who argues that profits from the sale of cryptocurrency should be tax-free. The court has ruled in favor of the tax authority, endorsing the central bank’s … Read more

IRS Plans to Issue Guidance on Virtual Currency Taxation

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Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official tax guidelines. Also read: Last Will Platform Allows Your Loved Ones to Inherit Your … Read more

How Ambiguous Regulations Complicate Crypto Taxation

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From America to the United Kingdom and from Russia to Australia, cryptocurrency taxation in major bitcoin strongholds is complicated. Contradictory or non-existent laws, excessive red tape, and maddeningly vague guidelines have conspired to make the tax-paying process more arduous than it need be. Now, a number of advocates are pushing for simplified crypto tax guidelines. … Read more

Data Shows Short-Term Crypto Tax Filers Increase, But Lots of Investors Still Won’t File

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According to personal finance firm Credit Karma Tax, filers who reported short-term capital losses for cryptocurrencies in the first month of 2019 jumped fivefold year-over-year. After the incredibly bearish crypto markets of 2018, data from early tax filers highlights the fact that more investors are claiming losses this tax season. However, a survey the company … Read more

This Short Animation Might Make You Think Twice About Taxes

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A Bitcoin Cash (BCH) supporter recently noted that the biggest hindrance to cryptocurrency adoption is tax laws and reporting taxes on digital currency usage. After reading the commentary, Bitcoin.com CEO Roger Ver shared a four-minute video about the subject of taxes in order to spark questions in the minds of people who might not understand … Read more

Canada Tax Agency Poses Probing Questions to Cryptocurrency Owners

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The Canada Revenue Agency (CRA) has sent an extremely detailed questionnaire to citizens it believes to be in possession of cryptocurrency. Those suspected of failing to disclose the full extent of their holdings have been asked whether they use a cryptocurrency mixing service, and if so, why. They’ve also been asked to provide the full … Read more

Swedish Trader Expects to Pay 300% of Crypto Profits to Tax Agency

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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 … Read more