value added tax – DIGIT INFO

Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users

DIGIT — Fri, 05 Jul 2024 11:22:34 +0000

Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry. […]

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Australian, Indonesian Tax Bodies Sign Agreement to Share Crypto Information

DIGIT — Thu, 25 Apr 2024 08:33:15 +0000

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 […]

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Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe

DIGIT — Tue, 18 May 2021 07:00:51 +0000

Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a […]

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Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

DIGIT — Tue, 13 Apr 2021 01:00:08 +0000

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails […]

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Eight Countries That Don’t Tax Your Bitcoin Gains

DIGIT — Mon, 25 May 2020 22:40:08 +0000

As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets at zero taxes. Circumstances vary, but the real […]

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Spain’s Tax Authority Sending Notices to 66,000 Cryptocurrency Owners

DIGIT — Thu, 02 Apr 2020 13:46:05 +0000

The Spanish tax authority has reportedly started sending notices to about 66,000 cryptocurrency owners in the country. This number represents a massive increase from the 14,700 tax letters the agency sent to crypto owners last year. The letters will continue to be sent until the end of June despite the coronavirus crisis Spain is facing. […]

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Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status

DIGIT — Sat, 13 Jul 2019 00:45:54 +0000

Cryptocurrency taxation is a subject that concerns a growing number of users, traders and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services. Georgia has become the latest nation to free crypto-fiat transactions from […]

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Officials in South Africa Propose VAT-Exemption for Bitcoin Trades

DIGIT — Fri, 27 Jul 2018 20:45:23 +0000

Cryptocurrencies are becoming more prevalent to residents living in South Africa and over the past year bitcoin interest stemming from the region has grown exponentially. Furthermore, just recently the South African Treasury has proposed a few amendments that apply to the country’s Taxation Laws Amendment Bill (TLAB) and how cryptocurrencies are taxed. According to regional […]

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South Korea Planning to Formally Allow ICOs

DIGIT — Fri, 16 Mar 2018 12:35:45 +0000

Regional news sources report South Korea’s financial authorities are working on legislation to formally allow initial coin offerings (ICOs) in an effort to appear more welcoming to the larger financial technology community. Also read: Québec Premier: We’re Not Really Interested in Bitcoin Mining South Korea Plans to Make ICOs Legit Online news source The Korean Times reported this […]

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Miners from 15 Countries to Give Input for Russian Cryptocurrency Bill

DIGIT — Mon, 25 Dec 2017 08:20:21 +0000

Cryptocurrency miners from 15 countries have confirmed that they will be showing Russian parliamentarians how cryptocurrencies are mined and discussing their countries’ specific approaches to mining regulation. After the meeting, the Russian government plans to draw up recommendations and proposals for crypto legislation, which will be submitted on December 28. Also read: South Korea Clarifies Position […]

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