Category: Taxes
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The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have […]
IRS Releases Draft Tax Form for Digital Assets — Expert Raises ‘Major Privacy and Security Concerns’
The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset dispositions to the IRS. A crypto tax expert has highlighted that the collection of certain data points, such as wallet addresses, […]
Brazil Eyes Crypto Taxation Changes in New Bill
Brazil is on the verge of presenting a new crypto taxation scheme proposed in a bill to be presented to the National Congress in the coming days. The bill proposes taxing cryptocurrencies the same way as shares and capital instruments with fluctuating exchange rates, instead of categorizing them as goods. Brazil to Change Cryptocurrency Taxation […]
Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert
Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the discretion to apply laws retroactively or retrospectively interpret them. Complex Filing Process Clinton Donnelly, CEO of Crypto […]
Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes
The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto-based transactions has been surpassing that generated from fintech businesses. Crypto Industry Generates More Revenue than Fintech Companies Indonesia’s Commodity Futures Trading Supervisory Agency […]
Brazil signs its overseas crypto tax bill into law
Under the new taxes, Brazilian citizens will pay up to 15% of profits from crypto to the state.
US accounting standards board rules will reflect institutional crypto assets’ fair value
The U.S. FASB has decided that crypto assets will be represented at their fair value in accounting beginning late next year.
Kenyan crypto tax bill makes it through Parliamentary Committee
The Capital Markets (Amendment) Bill will now be introduced to the lower chamber of Parliament in Kenya.
IRS team reports rise in crypto tax investigations
According to the fiscal year 2023 report, the IRS unit investigated failures to disclose crypto holdings and report on capital gains for transactions.
Tax services are getting pushy to have crypto declared: Law Decoded, Nov. 27–Dec. 4
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.