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Under the framework, those conducting crypto transactions will be subject to a 30% tax starting on April 1, while the 1% TDS requirement will take effect on July 1. Go to Source Powered by WPeMatico
Colorado is set to accept tax payments in crypto. To some experts, it’s only a matter of time before other U.S. states follow suit. Go to Source Powered by WPeMatico
Florida governor, Ron DeSantis explained at a press conference on Tuesday that he’s spoken with state agencies and told them to figure out ways for businesses to pay tax with cryptocurrencies. During the signing ceremony for a bill focused on financial literacy, DeSantis said that the government is working on accepting bitcoin “for payments in … Read more
The mayor reportedly said the City Hall had learned more about cryptocurrencies and blockchain and how to utilize them for improved city services. Go to Source Powered by WPeMatico
Spain’s Ministry of Treasury has admitted that Spanish citizens are not forced by law to declare their cryptocurrency holdings under the disputed Model 720, which involves declaring funds held abroad. While the antifraud law approved last year established this duty, there are still no rules regarding cryptocurrency after Model 720 was declared to be illegal … Read more
First announced by India’s finance minister in February, the amendment to existing laws proposed a 30% tax targeting digital asset transactions. Go to Source Powered by WPeMatico
According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards. Go to Source Powered by WPeMatico
India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered some questions Monday … Read more
The government intends to treat each crypto trading pair transaction separately, deterring traders as the gov’t would only tax their profits without accounting for the losses. Go to Source Powered by WPeMatico
India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian Tax Authority Going After … Read more
