Taxes

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Australian, Indonesian Tax Bodies Sign Agreement to Share Crypto Information

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The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have … Read more

IRS Releases Draft Tax Form for Digital Assets — Expert Raises ‘Major Privacy and Security Concerns’

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The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset dispositions to the IRS. A crypto tax expert has highlighted that the collection of certain data points, such as wallet addresses, … Read more

Brazil Eyes Crypto Taxation Changes in New Bill

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Brazil is on the verge of presenting a new crypto taxation scheme proposed in a bill to be presented to the National Congress in the coming days. The bill proposes taxing cryptocurrencies the same way as shares and capital instruments with fluctuating exchange rates, instead of categorizing them as goods. Brazil to Change Cryptocurrency Taxation … Read more

Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert

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Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the discretion to apply laws retroactively or retrospectively interpret them. Complex Filing Process Clinton Donnelly, CEO of Crypto … Read more

Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes

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The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto-based transactions has been surpassing that generated from fintech businesses. Crypto Industry Generates More Revenue than Fintech Companies Indonesia’s Commodity Futures Trading Supervisory Agency … Read more