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As Kamala Harris eyes the presidency, reports highlight the Harris-Walz campaign’s backing of President Joe Biden’s budget proposal. This plan seeks to raise capital gains to 44.6% and introduces a 25% minimum tax on unrealized gains for Americans with over $100 million in wealth. Harris is also targeting an increase in the corporate tax rate, … Read more
While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm. Go to Source
A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives. Go to Source
Four senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is long overdue. Go to Source
The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, … Read more
The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.” Go to Source
Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees … Read more
Binance faces a demand for nearly $92 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban. Go to Source
The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers. Go to Source
Indian Finance Minister Nirmala Sitharaman’s 2024-25 Union Budget keeps the existing cryptocurrency tax regulations unchanged, disappointing local crypto advocates. They argue that reducing the 1% tax deducted at source (TDS) is essential for reviving the struggling crypto industry in India. Industry leaders emphasize the need for ongoing dialogue with regulators to foster a supportive environment … Read more
