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According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant … Read more
Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before. Go to Source Powered by WPeMatico
The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from … Read more
After several delays, the South Korean government is going ahead with a plan to tax cryptocurrency holders. Go to Source Powered by WPeMatico
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. Go to Source Powered by WPeMatico
The U.S. Internal Revenue Service (IRS) has updated its instructions for disclosing crypto activities. The update provides clarification on who must answer “yes” to the IRS’ crypto question and when it is appropriate to select “no” as the answer. IRS Publishes New Crypto Tax Filing Instructions The IRS published updated instructions for Form 1040 on … Read more
The Kenya Revenue Authority (KRA) is expecting to earn up to 5 billion Kenyan shillings ($45.5 million) during the first half of 2020 from a new tax that targets cryptocurrency exchanges and other online services, according to a top KRA official. First proposed in August 2020, the digital service tax (DST) came into force on … Read more
A former top investigator is warning that the IRS might be shifting crypto tax payment enforcement into high gear Go to Source Powered by WPeMatico
The Indian government is reportedly mulling over imposing an 18% goods and services tax (GST) on bitcoin transactions. According to the Central Economic Intelligence Bureau, the government could gain Rs 7,200 crore annually from this bitcoin taxation. 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has … Read more
Just remember, the IRS is quite interested in crypto and is taking steps to unearth those who do not report. Go to Source Powered by WPeMatico
