Privacy coin Monero pumps 31% amid US taxation plans
Monero’s surge amid cryptocurrency taxation news adds to an 84% bounce since the recent market crash. Go to Source Powered by WPeMatico
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South African Crypto Holders Urged to Approach Tax Body Before It Descends on Them
A South Africa-based tax expert, David Lesperance, says with the country’s revenue collector now closing in on cryptocurrencies, holders must now take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move, cryptocurrency investors will be able to avoid the punitive penalties that … Read more
US lawmaker introduces bill aimed at protecting ‘forked assets’ from IRS
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency. Go to Source Powered by WPeMatico
Argentina’s tax body reportedly asks crypto firms to report all activity
Argentina’s tax authority AFIP reportedly ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations. Go to Source Powered by WPeMatico
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, … Read more
Hungary to Cut Tax on Crypto Profits in Half, Down to 15%
The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move. Tax Cut to Attract Cryptocurrency Traders to Hungary … Read more
Hungary plans Bitcoin tax cut as part of economic recovery program
Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Go to Source Powered by WPeMatico
Indonesia considers capital gains tax on cryptocurrency trades
A new capital gains tax scheme on crypto trades is still being discussed, according to a tax official. Go to Source Powered by WPeMatico
South African Tax Collector Targeting Crypto Investors in Its Bid to Raise Extra Revenues
Latest reports from South Africa suggest that the country’s tax agency will now be targeting cryptocurrency investors as it attempts to increase the total value of revenues collected. Alongside high net worth individuals and offshore investors, digital currency holders now constitute an area that is “likely to yield much of the extra tax” for the … Read more
Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange
The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020. IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice (DOJ) announced Wednesday … Read more
