How can UK-based businesses accept Bitcoin?
Through Bitcoin payment processors like BitPay, businesses in the UK can offer BTC as a payment method during checkout. Go to Source Powered by WPeMatico
Taxes
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Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions
A Nigerian finance bill, which seeks to amend the country’s various tax statutes, contains provisions which allow the government to tax cryptocurrency and other digital asset transactions, a report has said. Nigeria is reportedly seeking to join six other countries, including two from Africa, which already levy taxes on digital asset transactions. Extracting More Revenue … Read more
Italy Wants to Tax Crypto Gains at 26% From 2023
The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings. Government in Italy Intends to Tap Into Cryptocurrency … Read more
Kenyan legislation establishes crypto taxation, creates consumer protections
The country’s first effort at crypto regulation amends the country’s Capital Markets Law to define crypto as a security and establish reporting, tax and other requirements. Go to Source Powered by WPeMatico
New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations
A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine The National Securities … Read more
Brussels Set to Begin Talks on EU Crypto Tax, Report Reveals
The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions. European Union to Consider … Read more
Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders
The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia Talks Regulation in New Report Devoted to Digital Assets … Read more
IRS Building ‘Hundreds’ of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022
The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division seized about $7 billion in cryptocurrency, which was double the previous year’s total. IRS Building ‘Hundreds’ of Cases to Crack Down on Tax Evasion … Read more
IRS prepares for an increase in crypto cases in the upcoming tax season
The criminal investigation division of the IRS says it is preparing hundreds of crypto-related cases for the upcoming tax season. Go to Source Powered by WPeMatico
India’s Tax Authority Asks Crypto Exchanges for Details of Coins Traded on Their Platforms
India’s tax authority has reportedly asked major cryptocurrency exchanges in the country to provide information pertaining to the coins traded on their platforms. The tax authority is also evaluating the taxability of crypto transactions to determine if the goods and services tax (GST) can be applied to them. Indian Crypto Exchanges to Provide Details of … Read more
